ETHEREUM’S incredible price surge has made its 27-year-old founder a BILLIONAIRE.
Vitalik Buterin now has at least $1 billion worth of the cryptocurrency in his main wallet – making him the world’s youngest crypto billionaire.
Buterin spearheaded the launch of the Ethereum blockchain in 2015.
Ethereum’s cryptocurrency, ether, surged past $3,000 for the first time early Monday morning, marking a 325% rise since the beginning of this year.
Ethereum’s incredible rise came after three years of decline which saw it falling below $100 in April 2020 following a previous high of $1,200 in 2018.
But over the past 12 months the currency has absolutely rocketed.
Boosted by a buoyant market and a strong Bitcoin, Ethereum has absolutely smashed it’s previous high, with forecasters now tipping the currency to hit a staggering $5,000 before plateauing.
That said, as with all cryptocurrencies, there are no guarantees that any investments will make money and in many cases investors has lost absolutely everything they have put into the coins.
Read our cyptocurrency live blog below for the very latest updates…
WHY IS ETHEREUM GOING UP IN VALUE?
Ethereum has rocketed in value over the course of this year.
Yesterday it reached a record-breaking high of $3,000 – up nearly 1,500% since this time last year.
It has climbed even further today to $3,305 at the time of writing, according to CoinMarketCap.
It came following a report that the European Investment Bank (EIB) could launch a digital bond sale on the Ethereum blockchain network.
The startling rise means Bitcoin is no longer the cryptocurrency king after being outshone by underdog Ethereum.
BITCOIN TRADING VOLUME WAS SEVEN TIMES APPLE’S IN APRIL
Bitcoin’s trading volume was seven times that of Apple’s in April 2021, according to research firm Finbold.
The cryptocurrency’s volume was $1.84 trillion for the month – significantly above Apple’s $249.22 billion, the report revealed.
Experts pointed to the fact that Bitcoin can be traded 24 hours a day while trading in Apple and traditional stocks is limited to just five days a week, except on market holidays, Insider reports.
The Finbold report said: “The record price level partly explains the high trading volume compared to Apple. The new price might have influenced investors seeking short-term gains with people looking to make quick money.
“Furthermore, the fear of missing out on the asset’s rally also set in.”
‘GREEN’ CRYPTOCURRENCY CHIA LAUNCHES
A new “eco-friendly” cryptocurrency has launched, named Chia.
It doesn’t need extensive electricity and high-end hardware to mine, making an energy efficient decentralised blockchain.
It was created by the inventor of BitTorrent, Bram Cohen, and is based on the so-called “proofs of space and time” which uses vastly less energy than proof of work.
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