Ethereum, the first Altcoin by market capitalization, is back on the shields. Today, the cryptocurrency has in fact traced a new historical record reaching $ 2,000, for a monthly increase in double figures.
Behind the latest blaze not only the general opening to cryptocurrencies of mainstream finance, from online payments giants to US corporations, but also the upgrade of the homonymous decentralized platform that manages the asset and the Burn mechanism.
Ethereum, a new record at $ 2,000
The 2,000 dollars of today’s listing and the 230 billion market cap certify a monthly rise of 27.1%, 174% year-to-date and 1299% year-on-year, but mainly serve to ward off the specters they had made the crypto slide below the $ 1,500 threshold at the end of February.
Ethereum, as known, is benefiting directly and indirectly from the endorsements that continue to rain on virtual currencies, from US companies that diversify their portfolios with increasing volumes of digital assets to international card circuits that proceed to integrate cryptocurrencies into their systems. The opening of banks, such as Morgan Stanley, BNY Mellon and Deutsche Bank, and hedge funds was also marked.
But in the case of Ethereum there is much more. The platform upgrade will be completed in the coming months, which will ensure greater speed, scalability and security for the network with the transition to proof-of-stake. A turning point that according to Messari analyst Ryan Watkins could lead the crypto to even compete with his majesty Bitcoin, still unattainable in terms of market capitalization.
In the background also the Burn mechanism , or the gradual destruction of Ethereum-branded tokens, destined to increase the perceived scarcity of the asset and thus whet the appetite of investors, in a dynamic very similar to the halving effect on BTC.
Bitcoin is also up
Meanwhile, even Bitcoin , after the latest news on the Visa and PayPal front, has begun to flex its muscles, while remaining below the highs of mid-March. Today’s price of $ 59,662 is worth a 23% rise on a monthly basis, largely attributable to the jump of the last week, + 16.2%.
At the time of writing, the market cap stood at 1.120 billion dollars , useful for consolidating the first position among crypto.