cryptogazette.com
Ethereum refuses to leave the spotlight these days following the price explosion that the digital asset has been seeing.
At the moment of writing this article, ETH is trading in the green, and the digital asset is priced at $3,336.47.
Ethereum’s Vitalik Buterin becomes the 6th youngest billionaire in the world
You may or may not know that Buterin turned 27 in January, and he currently holds about 333,520 ETH.
Considering the current price of ETH, Buterin’s stake in the digital asset is worth about $1.16 billion.
The online publication the Daily Hodl noted that Buterin’s ETH holdings place him tied at number six on Forbes’ list of the world’s top-ten youngest billionaires.
“Remaining overweight Ethereum and maintaining a price target of $10,500 as ETH reaches new highs and continues to outperform BTC,” according to the notes coming from the same online publication.
Fundstrat said that the ratio of ETH/BTC market cap has been rising, but it is yet to reach the level hit during the 2017 bull run.
“Ethereum’s market cap has risen to ~30% of Bitcoins over recent weeks. During the last market cycle, Ethereum broke this level and head as high as 80% of Bitcoin’s value – we’re not predicting exactly this, but it’s a useful frame of reference.”
Ethereum sees a rise in institutional interest
Not too long ago, we were revealing that CNBC notes that the interest in cryptos has surged over the past year, with BTC continuously pushing new record highs.
The same online publication mentioned above notes that there are a number of factors, including rising institutional interest and major companies such as Tesla buying the digital coin that have been credited with its rise.
They mention the smart contracts which are a key feature of Ethereum and another important element is DeFi as well. The DeFi apps are blockchain-based financial services such as lending – these could bypass banks and brokerages.
“Thousands of developers are building applications that recreate traditional financial products in decentralized ways on top of Ethereum, and as more and more users pour in to interact with these apps, they require ETH (ether) to conduct any transaction,” Sergey Nazarov, co-founder of smart contract company Chainlink, said.
He continued and explained that “Second, there seems to be growing institutional interest in the public Ethereum blockchain, as stakeholders play around with ways to leverage the public network.”