This week, the ethereum price passed $500 per ether for the first time since June 2018. While ethereum remains far below its all-time high of around $1,500 set in January 2018, the ethereum price is up almost four-fold on March 2020, when the coronavirus crash wiped out global markets.
“Ethereum’s touching $500 for the first time since June 2018 represents a significant milestone,” Paolo Ardoino, the chief technology officer at British Virgin Islands-based Bitfinex, said via email.
“Ethereum’s up and coming transition to proof-of-stake is being closely watched. [Its] strong price performance underlines a mood of optimism that seems to be lifting the crypto space. While bitcoin is the undisputed king of crypto, the flourishing ethereum community is alive with many possibilities.”
“Accelerating bitcoin’s growth is the growing demand for yield and the rise of DeFi, the fastest growing sector within the blockchain industry,” Sergey Nazarov, the co-founder of chainlink, said via email. Nazarov expects bitcoin to break $100,000 per bitcoin “during this market cycle,” pushed on new DeFi cryptocurrency projects.
“Now, for the first time in bitcoin’s history and coinciding with a historic rise in inflation; not only can someone buy bitcoin as a hedge against inflation, they’re also able to receive a far larger APR or yield than they can expect to get from traditional finance.”