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Home Business & Finance Ethereum hits $3,000 for the first time, now larger than Bank of...

Ethereum hits $3,000 for the first time, now larger than Bank of America

Document Analysis NLP IA

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neutral
sentiment

Sentiment0.086306471306471
objective
redaction

Subjectivity0.38982295482295
probably it's an affirmation
Affirmation0.4484126984127

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Summary (IA Generated)

Ethereum’s ETH token has eclipsed the psychologically significant $3,000 per token mark today, rising as high as $3,003 on Binance at the time of publication.

ETH price reached the milestone on several major exchanges, including Bybit, Coinbase and BitMEX.

The surge has helped Ethereum overtake institutions such as The Walt Disney Company and Bank of America in terms of total market cap.

The world’s largest smart contract-enabled layer-one has grown 24% on the week to $346.

Retail interest in DeFi has also been rising as of late, with total value locked numbers reaching astonishing highs above $100 billion.

However, the “London” hardfork, which includes the EIP-1559 overhaul of Ethereum’s fee structure, as well as the subsequent looming ETH 2.

David Hoffman, a host for the Ethereum educational media company Bankless, has equated the various initiatives to the equivalent of three separate “halvenings,” an event that takes place roughly every four years where the Bitcoin block subsidy is slashed by half.

However, Ethereum does have some competition in the form of other smart contract-enabled layer-one chains.

The growing popularity of Ethereum is partly to blame for exorbitant transaction fees on the chain (though they have subsided somewhat in recent weeks), and in the absence of viable layer 2 scaling solutions like rollups means multiple competitor chains have seen a surge in activity.


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