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November 27, 2022
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Guide & Analysis

Ethereum reaches $ 3,000 for the first time in history

ETH’s incredible appreciation trajectory shows how much the second largest cryptocurrency in market capitalization has to offer. Ethereum reaches $ 3,000 for the first time in history.

This upward trend now makes Ethereum more valuable than Paypal, with a market capitalization of $ 332.63 billion compared to the last $ 318.33 billion.

Market analyst Lark Davis believes Ethereum has a lot of potential and will consolidate its status as a deflationary currency by the end of this year, because its value will continue to increase over time. He also expects ETH to operate on a proof of interest consensus mechanism during the same period.

Ethereum could reach $ 10,000

According to market analyst Holger Zschaepitz, ETH’s journey towards $ 10,000 seems set. He explained :

“Ether can reach US $ 10,000, says the FundStrat , promoting the value of the network in relation to Bitcoin. Ethereum’s market capitalization has risen to around 30% of that of Bitcoin in recent weeks. During the last market cycle, Ethereum broke that level and reached 80% of Bitcoin’s value. “

In addition, Ethereum settles twice as many transactions as the Bitcoin network settles per day, according to Spencer Noon. The data provider noted:

“Ethereum settles $ 30.5 billion in value per day, far more than Bitcoin and all other blockchain – to put that in context, PayPal settles ~ $ 2.5 billion daily.


TVL in ETH 2.0 exceeds US $ 11 billion

According to the metrics provider for the Glassnode network, the total amount in the ETH 2.0 deposit agreement has risen to an ATH of $ 11,534,772,184.

Ethereum 2.0 went live in December 2020 and seeks to change the current proof-of-work consensus mechanism to a bet-proof structure, which is considered more ecological and economical.

The bet-proof algorithm allows block confirmation to be more energy efficient and requires validators to fix Ether instead of solving a cryptographic puzzle.

Source: BlockchainNews

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