Ethereum's wild run continue, Ether price breaks $4,000
Ether reached $4,000 for the first time, as Ethereum continued growing further. The new record came just a week after breaking $3,000.
ETH recently overtook Bank of America as the 28th largest asset in the world. But as of today, ETH has now eclipsed the market cap of consumer staples giants Wal-Mart and Johnson and Johnson, reaching a market cap of $478 billion and is looking straight at JPMorgan.
The ultimate rise of the Ether may be linked to increasing institutional interest in the asset. This week, institutions bought over $30 million in ETH at the end of April. Money managers are thought to now own $13.9 billion in ETH or ETH vehicles.
Last week the European Investment Bank announced that they would be issuing a $120 million bond on the world’s largest layer-1 in collaboration with major banking entities such as Goldman Sachs. The growth of decentralized finance, with the help of Ethereum’s key communities and use cases, continues at a remarkable clip.
However, the part of the bullish catalysts on the rise goes to the major infrastructure upgrades to the network: EIP-1559 and ETH 2.0. EIP-1559, now scheduled to be included in the “London” hard fork, will include an overhaul of the ETH fee structure and is expected to decrease gas costs significantly while also potentially making ETH a more deflationary asset.
ETH 2.0, in turn, will transition the network to a proof-of-stake consensus model, which is expected to decrease sell pressure and encourage to HODL the asset.