ETHEREUM soared over $3,000 this weekend, in turn quadrupling its value in 2021.
It broke past $3,400 on Monday afternoon, to set a new record high.
It was a dazzling rally that has outshone the bigger Bitcoin, with investors betting that ether will be of ever greater use in a decentralised future financial system.
The Ether/Bitcoin cross rate has soared more than 100 per cent so far this year.
There was a 2.5-year high on Sunday, pointing to a rotation into the second-biggest cryptocurrency as investors diversify their exposure.
On Sunday, a new record was broken as Ethereum reached $2,953 – up nearly 1,500 per cent since this time last year. One analyst claimed this week that “a ride to $5,000 is imminent”.
This means its value has risen by more than 1,300 per cent in less than a year and is currently outperforming Bitcoin in terms of percentage growth.
The price of dogecoin shot up from $0.25 to $0.30 in less than 15 minutes after Musk posted a cryptic tweet reading: “The Dogefather” – “SNL May 8”.
Read our cyptocurrency live blog below for the very latest updates…
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AUCTION HOUSE SOTHEBY’S TO ACCEPT CRYPTOCURRENCY
Sotheby’s announced today it would accept Bitcoin and Ethereum as payment for Banksy’s iconic artwork “Love is in the Air”.
It is understood to be a first for a physical art auction and the latest in a growing list of mainstream companies to accept cryptocurrencies.
The artwork is anticipated to fetch between $3 million to $5 million, and buyers have the option to pay in digital assets.
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DIGITAL HORSE PRICE INCREASES BY 7713%
Non-fungible tokens have seen a surge in popularity and have recently advanced to digital horse racing.
The digital horse ‘Billions’ was the highest sold horse at $125,000 with a price increase of 7713% from its original $1600, according to equestrian accessory specialists at Ruggles.
Its owner bought the stallion for just four ETH about a year ago – then equivalent to around $1,600.
But its recent sale saw the owner KingBeaver make a profit of $123,400 – a staggering percentage increase of 7713%.
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COVID ACCELERATED CRYPTOCURRENCY MARKET GROWTH
The pandemic has accelerated growth in the retail cryptocurrency market by at least five years, according to research.
A project by UK-based money app Ziglu concluded 37 per cent of people who own cryptocurrencies had seen the amounts they had actively bought and sold during Covid lockdowns increase significantly.
10 per cent even admitted their activity rose “dramatically”, CityAM reports.
Ziglu creator Mark Hipperson said: “he coronavirus crisis has accelerated growth in the retail cryptocurrency market by at least five years.”
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EUROPE GARNERED MAX REVENUE IN GLOBAL CRYPTO MARKET IN 2020
Europe garnered the maximum revenue in the global cryptocurrency market last year, a report has revealed.
The Global Market Insights report also estimated the continent is likely to remain dominant throughout the forecast period, Yahoo Finance reports.
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CRYPTO MARKET REVENUE TO HIT $1.8BN BY 2027
Cryptocurrency market revenue looks set to hit $1.8 billion by 2027m according to Global Market Insights.
Its most recent report estimates it will cross the mark in just six years thanks to growing demand for digital assets and secure transactions, Yahoo Finance reports.
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BEWARE OF CRYPTOCURRENCY SCAMS WHEN USING BLOCKCHAIN WALLETS
Blockchain wallets – digital wallets that allow crypto owners to store and manage their cryptocurrencies – are being “commonly attacked” by scammers, says a report.
There were nine blockchain wallet breaches recorded in the first three months of this year, says Atlas VPN.
With there also being one blockchain wallet “scam event and two blackmail cases, in total, they cost victims approximately $19.3 million,” the site adds.
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HOW TO SPEND YOUR BITCOINS
Crypto website Coinbase says paying with Bitcoin has its advantages as you don’t have to give as much personal information such as your name and address when buying online.
Instead, transactions are stored in a network called the blockchain.
The cryptocurrency can be spent anywhere so you could avoid forex fees on overseas purchases.
It can also be cheaper for retailers as they don’t have to pay fees to VISA or Mastercard to accept card payments through chip and pin readers.
Some shops will accept Bitcoin like any other currency. They may display a sign on their website or shop window that says Bitcoin accepted here.
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HOW DID IT DO IN APRIL?
The cryptocurrency almost doubled in value over the first three months of this year, but its surge came to a rapid end earlier this month when the price tumbled dramatically.
The currency reached a record-breaking high of $62,000 or £42,000 in Sterling earlier last month.
But it recorded its biggest one-day drop in two months to under $54,000 on April 18.
It slumped even further over the past weekend to a low of $42,535, according to CoinMarketCap.
But it has recovered since then, and at the time of writing, was up 0.29% over a 24 hour period to $54,416.
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NEW CRYPTOCURRENCIES ON THE BLOCK
There are several new cryptocurrencies on the block which could soon rival bigger newcomers like Dogecoin.
Here are the five most recently added to CoinMarketCap.
CrossPad, PolyMoon, Impermax, GreenTrust, and CrossFi.
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ETHEREUM CO-FOUNDER IS WORLD’S YOUNGEST CRYPTO BILLIONAIRE
The co-founder of Ethereum is the world’s youngest crypto billionaire.
Vitalik Buterin, 27, is also the second youngest self-made billionaire ever.
He helped start the Ethereum blockchain in 2015, which has seen a 325 per cent increase since the beginning of 2021.
Buterin made his Ether address public in 2018, which contains 333,520ETH.
At the current value of $3,423.49, this adds up to well over $1 billion.
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TOP 10 CRYPTOCURRENCIES
According to market share on CoinMarketCap, these are the top 10 cryptocurrencies right now, and their respective prices.
- Bitcoin ($56,364.43)
- Ethereum ($3,423.89)
- Binance Coin ($657.08)
- XRP ($1.48)
- Dogecoin ($0.4801)
- Tether ($1)
- Cardano ($1.34)
- Polkadot ($37.42)
- Uniswap ($42.40)
- Litecoin ($316.43)
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ID CHECKS MAY BE REQUIRED TO OPEN CRYPTO ACCOUNT
Face-to-face ID checks may be required to open crypto accounts in Thailand, an industry exec has said.
The Bangkok Post reported that new exchange users may have to use machines to scan their ID card chips to onboard new customers.
Poramin Insom, co-founder and director of cryptocurrency trading platform Satang Corp, said the introduction of a “dip-chip” machine, due in September, will require fresh users to scan their government-issued ID cards before opening a crypto account.
As it stands, users can verify their identifies online.
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PAY FOR HEALTHCARE IN BITCOIN
A Spanish healthcare group will start accepting payments in cryptocurrency in what they are calling a “Bitcoin revolution”.
Biziondo, which specialises in spine treatments, will take bitcoin and other crypto asset payments within its clinical facilities across the country, Forbes Negocios reports.
It cited a “bitcoin revolution” as the group’s reasoning, as well as management interest in blockchain technology.
Biziondo general manager said: “It is clear that the bitcoin revolution has already started.
“In an economic context in which, in 2020, 60% of the world’s money was printed by European, United States and Japanese central banks, a financial disaster will inevitably be reached in approximately 2 or 5 years.”
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‘MONEY BEING THROWN AT ANYTHING IN CRYPTO SPACE’
One expert has said “money is being thrown at anything in the crypto space” after Dogecoin went up by 9,000% from the start of the year.
The sum of its tokens is now at more than $54 billion.
IG Markets analyst Kyle Rodda, likened this surge to the tech-bubble mania of two decades ago.
He said: “What we’re seeing right now is the definition of speculative excess.
“There’s money being thrown at anything in the crypto space.”
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DOGECOIN UP 27% IN 24 HOURS
Dogecoin’s value is up 27% in just 24 hours.
It is trading at $0.488134 on Coindesk.
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DOGECOIN AND ETHEREUM HIT ALL-TIME HIGHS
Both Dogecoin and Ethereum have hit new all-time highs today.
The increases mean that the combined value of all cryptocurrencies is now great than the market cap of the world’s most valuable company Apple, Yahoo Finance reports.
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TWO THIRDS OF CONSUMERS PLAN TO USE CRYPTO, SURVEY SHOWS
Two thirds of consumers are planning to make digital payments using cryptocurrency, a survey has revealed.
Mastercard found 40% of consumers across North America, Latin America, the Caribbean, the Middle East, Africa, and the Asian Pacific said that they expect to use the assets at some point in the next year.
The research also found 77% of Millennials are interested to learn more about the crypto market.
Mastercard said: “Today consumers can buy, sell and trade cryptocurrency as a commodity or investment.
“Consumers are also increasingly showing interest in being able to spend crypto-assets for everyday purchases.”
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CONTINUED: ‘BIG PROBLEM BREWING’ IN CRYPTOCURRENCY SPACE
He added: “I know the provenance of where my wallet coins were mined now and that means I’ve had to take equity positions in miners. I’ve had to start investing in them with the covenants in place that I would like to be paid back in a royalty of a clean coin.
“There is a huge problem going on in this industry. The industry has done a poor job in lobbying its case around sustainability.
“Collectively, they’ve done a horrible job. They don’t push back and I’m hoping to be part of that solution. I’m trying to organize now a council of sustainability, certainly where I’ll be investing in the companies that do set sustainable mandates, they will be the ones I invest in and I would like to make them a showcase for the industry that we care about sustainability.
“There’s no reason a North American miner can’t lead the way and take away the leadership from the Chinese who do not mine sustainably. Until everybody gets on board and stops burning coal to create electricity to mine coin, it’s going to start to have a huge differentiation like oil and water.
“We have got to fix this industry and we also have to go back to our politicians in various jurisdictions, including Europe, including Canada, including in the states where there’s a threat now that some governors are talking about making Bitcoin mining illegal in their state if they don’t clean up their act around sustainability. So this is a big, big issue in Crypto space right now.”
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‘BIG PROBLEM BREWING’ IN CRYPTOCURRENCY SPACE
There is a “big problem brewing” in the cryptocurrency space, one expert has warned.
Kevin O’Leary, Shark Tank Investor and Chairman of O’Shares ETFs, told Yahoo Finance there are huge issues surrounding sustainability.
He said: “Because currently 60% of coins mined in Bitcoin come from China where they don’t care about sustainability and they certainly have issues around human rights. And so there are many institutional clients that do not want to own so-called blood coin from China.
“And as a result, we’ve got a really interesting situation emerging that the actual provenance of a coin over time one that’s mined sustainably, one that’s mined in the jurisdiction that supports human rights and everything else, the ethics committees approval could be worth more than just a generic coin that can’t prove its provenance.
“And I’m not sure when that’s going to happen, but I have certainly shifted my holdings. I don’t own random ETFs with blood coin in them.”
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CONTINUED: WHY IS ETHEREUM GOING UP IN VALUE?
Investors are betting that ether will be of ever greater use in a decentralised future financial system.
The cryptocurrency enjoyed record highs every day last month.
On April 1, Ethereum started at $1,958 (£1,404) and rose to $1,978 (£1,419).
James Quinn, managing director at Q9 Capital, a Hong Kong cryptocurrency private wealth manager, said Ethereum’s rise is also down to a number of other factors.
These include improvements made to the ethereum blockchain, and a growing shift towards “DeFi”, or decentralised finance, which refers to transactions outside traditional banking for which the ethereum blockchain is a crucial platform.
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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.
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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.”
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‘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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BITCOIN’S ‘FATE WRITTEN IN THE STARS’
There “appears to be a blossoming relationship between astrology and finance,” according to a story on Bitcoin in the i.
Alys Key writes: “Bitcoin really likes full moons. That’s one of the things I learned from delving into the world of Bitcoin astrology.
“Many have tried to crack the pattern of what makes it go up and down… and astrologers are no exception.
“Seattle-based Robert Weinstein has been following Bitcoin’s astrological patterns since 2017, and shares public perceptions on his Twitter account, @AstroCryptoGuru, where he goes by the moniker ‘Crypto Damus’, an allusion to the 16th century figure Nostradamus.
“Bitcoin has several inception dates attached to it, but its birthday is most commonly celebrated on 3 January. This is the date when, in 2009, the currency’s mysterious creator known as Satoshi Nakamoto, created the ‘genesis block’, thereby beginning the Bitcoin network.”
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BITCOIN NO LONGER CRYPTO KING
Bitcoin is no longer the cryptocurrency king after rival Ethereum hit an all-time high by breaking the $3,000 milestone.
It was a dazzling rally that has outshone the bigger Bitcoin, with investors betting that ether will be of ever greater use in a decentralised future financial system.
Despite Bitcoin having a larger market cap, this could definitely change in the coming months.
