On Wednesday, April 28, the price of Ethereum reached a new all-time high. Ethereum crossed the $2700 mark at the early hours of the day. This move gave a 7 percent increase in the price of the digital asset when compared to that of the previous day. The famous crypto-asset however had a slight pullback and has currently settled around the $2600 region.
Ethereum has constantly set new records for its all-time high in recent times, already doing so twice this month. The most recent high, however, has taken the market cap of the coin to another level.
Ethereum currently boasts of a market cap worth $310 billion. This puts the cryptocurrency on the same level as PayPal, one of the world’s largest payment platforms.
The Rise in Ethereum Price
Statistics indicate that Ethereum has had a 258 percent increase in value since the start of 2021. This gain puts it above Bitcoin in the list of gainers since the beginning of the year. Bitcoin has managed a 98 percent increase so far since the start of 2021.
Based on speculations, the bullish movement in the price of Ethereum is backed by the intent of the European Investment Bank to launch a digital bond sale on the Ethereum network. It is expected that the digital bond sale will span through a two year period and is worth $121 million. This backing by the EIB has given ETH a boost in the market.
The massive growth of the Defi ecosystem has also contributed to the price surge of the digital coin. The DeFi ecosystem has recently reached a milestone in terms of adoption or the number of users in the space. It currently boasts of 2 million users. Since ETH is the main currency in the DeFi space, the huge adoption has fueled the rise in its value.
Where to From Here?
A lot of individuals in the crypto space believe the second largest crypto asset by market cap is still far off from its peak in terms of value. As such, it is considered as an asset that is still undervalued, despite the massive price surge in the past year.
Given its numerous use cases and the rapid growth of the crypto ecosystem, it isn’t out of place to project that the best of Ether is still yet to come.