Why is Ethereum’s price increasing?

By AlexB20 (via Publish0x)

Ethereum, Ripple’s XRP, Litecoin, and chainlink are the world’s largest cryptocurrencies after Bitcoin, and they suddenly soared this week. The total market capitalization of Ethereum, XRP, Litecoin and Chainlink is approximately US$100 billion, which have risen by 20% to 50% respectively this week, even surpassing the gains of Bitcoin. Although Bitcoin has a growing reputation as a digital gold before 2020, and Ethereum, XRP, Litecoin, and chain links have been boosted, other cryptocurrency trends have also pushed them higher.

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Ethereum has grown by 20% in the last week along with other major cryptocurrencies (including Ripple’s… [+]) Flick through Getty Images This week, the price of Ethereum exceeded $500 for the first time since June 2018. Although Ethereum is still far below the all-time high of about $1,500 set in January 2018, the price of Ethereum has risen nearly four times in March 2020. The collapse of the coronavirus has swept the global market. Paolo Ardoino, CTO of Bitfinex, based in the British Virgin Islands, said via email: “Ethereum has hit $500 for the first time since June 2018. This is an important milestone.”

“Ethereum is on the rise and is about to transition to proof-of-stake. [Its strong price performance highlights optimism and seems to be raising the cryptocurrency field. Although Bitcoin is the unquestioned king of cryptocurrencies, the thriving Ethereum community There are many possibilities for being alive.” The price of Ethereum has soared above US$500 per Ether this week, soaring by 50% in just a few days One such part of the Ethereum community is chainlink, an Ethereum-based cryptocurrency token that powers a decentralized network that is designed to connect smart contracts to external data sources.

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In the past year, due to growing interest in decentralized finance (DeFi), the use of encryption technology to recreate traditional financial tools such as loans and insurance, the price of chain-link chains has soared by an astonishing 500%. Chainlink co-founder Sergey Nazarov (Sergey Nazarov) said via email: “Accelerating Bitcoin’s growth is the growing demand for revenue and the rise of DeFi, the fastest growing sector in the blockchain industry. “Nazarov expects that, driven by the new DeFi cryptocurrency project, “in this market cycle”, Bitcoin will exceed $100,000 per Bitcoin. “Now, this is the first time in the history of Bitcoin, and it coincides with the historical increase in the inflation rate; not only can someone buy Bitcoin as a hedge against inflation, but they can also get higher than expected The annual interest rate or yield comes from traditional finance.”

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