Ether Outperforms Bitcoin as it surpasses $3000
Ether with ticker ETH, the digital coin for Ethereum blockchain has hit an all-time high of $3,454 on Binance. Ether extends its rally from the beginning of the year and has seen a price gain of around 360% this year.
Ethereum is ranked No 2 in Coinmarketcap and this rally seems to be due to the hype of Ethereum 2.0. This upgrade to the Ethereum network is going to help it in scalability as well as substantially decreasing the network fee on the Ethereum blockchain.
Interest in cryptocurrencies has surged in 2021 with bitcoin continuously pushing to create its new all-time highs. 2021 bull cycle of cryptocurrencies have been due to the interest of institutional investors and Tesla buying Bitcoin as a strategic investment.
Bitcoin is now being considered as digital gold as it has been a great hedge to store value and its deflationary properties even make it more attractive for investors.
Ethereum on the other hand is completely different from Bitcoin as it is a platform for Blockchain developers to build apps on the blockchain. Ethereum is the most populated blockchain and the love for it by the blockchain developers can be seen through the number of apps running on it.
Ethereum is also called the birthplace of decentralized finance or De-Fi and there has been growing excitement about De-Fi since 2019. Defi applications can be used for multiple blockchain-based financial services, such as staking, lending, farming, and more which promise to offer more competitive and better returns than traditional banks.
A rising number of decentralized finance applications built on Ethereum has brought the interest of institutional investors and this has been the major story for this bull run.
Ethereum has already created a new All-time High this week and we might be looking forward to more action going forward in the future when Ethereum 2.0 is finally live.
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