Co-founder of Ethereum, Vitalik Buterin, has joined the ranks of billionaires. The reason is the ETH exchange rate surpassed the $ 3,000 mark for the first time.
Co-founder of Ethereum a billionaire
Buterin, who in January this year. is 27 years old and currently has approximately 333,520 ETH. This means that his fortune is worth over $ 1 billion.
Currently, Buterin ranks sixth on Forbes’ list of the world’s ten youngest billionaires.
This symbolic news about the co-founder of Ethereum coincides in time with another important piece of information, i.e. the re-confirmation by the investment company Fundstrat of the target price for ETH at the level of USD 10,500. The target price was originally announced in January.
To support its thesis, Fundstrat added that the market capitalization ratio of ETH and BTC was rising, but had yet to hit the bull market in 2017:
Ether’s market capitalization increased to approx. 30% [kapitalizacji] BTC in recent weeks. During the last market cycle, Ethereum surpassed this level and even reached 80% of Bitcoin’s value – we do not predict exactly this [scenariusza]but it is a useful benchmark.
Fundstrat adds that the reasons for the optimism about ETH also include the emergence of new financial applications on the market on leading smart contract platforms.
A breakthrough in the ETH market
In addition, as we wrote earlier, institutional investment managers bought Ether last week for a total value of $ 30.2 million. According to data CoinShares, their total ownership now stands at a record $ 13.9 billion.
In turn, a CryptoCobain analyst suggests that Ether may overtake BTC in the long term in terms of market capitalization.
– I think a lot of the people who keep Bitcoin now are in the hodler camp. In the worst case, they will say: “We should also buy Ether” (…). In the long run, it seems to me that Ether is the threat to Bitcoin – he said in an interview with the CEO of Three Arrows Capital.
Current Bitcoin rate and other cryptocurrencies, you can always check the tabs: exchange rate Bitcoin and the cryptocurrency rate on the website . A place where you can buy BTC and more coins, include cryptocurrency exchange BitBay.net. If you do not have an account on BitBay yet, from this article you will find out how you can efficiently create one: LINK.