Ethereum exceeded 3.5 million won and reported… Being #1 over Bitcoin

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Ethereum is currently trading around KRW 3.6 million
Bitcoin market cap share falls below half
“Ethereum will soar to $10,000 this year”

Photo = Getty Image Bank

The cryptocurrency Ethereum has risen over the past week, hitting the reported price. There is also a prospect that it will surpass Bitcoin and become the number one cryptocurrency within a few years.

According to Bithumb on the 3rd, at 9:30 am on the day, Ethereum is trading at 3.6 million won. At the same time, 1 bitcoin represents 68.9 million won.

The previous day, Ethereum surpassed 3.5 million won for the first time and continues to rise. This is due to news that Ethereum is being recognized in the mainstream financial sector.

On the 27th of last month (local time), Bloomberg News reported that the European Investment Bank (EIB) is issuing digital bonds worth 100 million euros (about 134.3 billion won) through the Ethereum network. EIB is an international financial institution whose shareholders are members of the European Union (EU). In addition, the news that China’s Binance, the world’s largest cryptocurrency trading site, will create a non-replaceable token (NFT) market using the Ethereum network in June also worked positively on the market.

As such, the status of Bitcoin is gradually decreasing in the rise of Ethereum. According to TradingView, the share of the market capitalization of Bitcoin in the cryptocurrency market as of the previous day was 49.3%. It has been three years since 2018 that the share of the Bitcoin market cap has fallen below 50%. In January of this year, the share of Bitcoin exceeded 70%. On the other hand, the market capitalization of Ethereum rose to 15.62% as of the 2nd.

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Unlike Bitcoin, Ethereum has an edge in’scalability’, so it is also possible to overtake Bitcoin’s place.

Fundstrat predicts that Ethereum prices will soar to $10,000 this year. Analyst Simon Peters Itoro said, “Bitcoin had a market cap of $5 billion in the sixth year of its launch, but Ethereum expanded to $300 billion in six years.” There is” he said.

Ethereum was developed in 2015 by Russian Canadian Vitalik Buterin. Ethereum is used not only for transactions and payments, but also for operating various applications such as contracts and emails. Recently, NFT, which is used to form the digital copyright market, and DeFi, a blockchain-based financial service, were also made with Ethereum.
Eunbit Go, reporter [email protected]

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