It’s May and the same bullish run for Ethereum.
The remarkable bullish run of Ethereum (ETH) continued and has hit greater heights, surging to a new all-time high of $3,000. In doing so, the second-largest cryptocurrency by market capitalization has shown it has what it takes to deal with the challenges in the crypto market.
The uptrend of the digital currency has also made it more valuable than digital payments giant PayPal by fetching a market capitalization of more than $332 billion, eclipsing the $318.33 billion of the latter.
Lark Davis, a market analyst, believes that Ethereum has lots of potentials and will firmly establish itself as a deflationary currency as this year ends due to its value increases with time. The analyst also sees the digital currency run on a proof-of-stake consensus mechanism during that time.
Hitting the $10,000 mark
Another market analyst, Holger Zschaepitz, pointed out that it looks like the journey of Ethereum to $10,000 is already set.
“Ether could hit $10k, FundStrat says, touting network value vs Bitcoin’s. Ethereum’s market cap has risen to ~30% of Bitcoin’s over recent weeks,” BlockchainNews quoted the analyst as saying.
Zschaepitz also stressed that during the last market cycle, Ethereum breached this level and headed as high as 80% of Bitcoin’s value.
ETH 2.0 TVL surges past $11 billion
Glassnode, an on-chain metrics provider, said the total value in ETH 2.0 deposit contracts has also surged and reached an all-time high of more than $11.5 billion.
The Ethereum 2.0 went live in December of last year, aiming to transition the current proof-of-work consensus mechanism to a proof-of-stake framework, being more environment-friendly and cost-effective.
The proof-of-stake algorithm enables confirmation of blocks to be more energy-efficient and needs validators to stake Ether instead of just solving a cryptographic puzzle.
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