Second most popular cryptocurrency; Ethereum, hit a new all-time high of $3,017 on Monday, extending last week’s rally just when news that the European Investment Bank (EIB) could launch a digital bond sale on Ethereum’s blockchain network is flying around.
Ethereum is not only the most actively used blockchain, it is the second largest cryptocurrency by market capitalization after Bitcoin. Ethereum’s network is decentralized, is an open source blockchain and has smart contract functionality. Ethereum is more than a cryptocurrency. It is both a network and organization. Ethereum went live on July 30th, 2015 and since then it has worked its way up to become one of the most sought-after cryptocurrencies.
Ethereum hit this new high in Asia trade after it rose 2 percent on crypto platform Bitstamp. The cryptocurrency is therefore up more than 300 percent for the year and has surpassed that of Bitcoin which is just 95 percent.
According to Bloomberg’s report on Tuesday while citing sources that were not disclosed, the European Investment Bank plans on issuing a two-year 100 million euro digital bond, and is doing this with Ethereum’s network.
There have been rumours that Ethereum is working on reducing its network fees. This would be a huge feat if accomplished as this would increase the demand for the coin. Experts say that reduction in fees is one of the fundamental ways to increase the pump of a coin; if Ethereum network fees are reduced, it will benefit the network in a huge way because more people would want to use the platform for transactions.
Ethereum has seen an impressive growth from last year. According to data from Kraken, Ethereum traded for just $208 around this time last year and has therefore seen an increase of 1,359 percent.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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