Cryptocurrency is slowly entering the mainstream market. More people are investing in digital currencies alongside businesses implementing Blockchain-powered systems.
And with it comes Ethereum’s seemingly unstoppable rise to potentially becoming the most used crypto.
March proved to be a huge month for Ethereum (ETH) as the crypto hit another all-time high valued at $1.38 billion. Ethereum’s continuous price surge in April comes as a surprise as Bitcoin’s value fails to go beyond the expected $60,000 price forecast.
Ethereum’s Bullish State
Ethereum took the world by storm after it hit another all-time high in the first quarter of 2021. ETH is currently considered as the largest smart contract Blockchain in terms of miner revenue and price action.
Crypto analysts forecast that Ethereum will experience more positive milestones this year thanks to the growing tolerance to digital coins.
The month of March sets the record as Ethereum miners generated a massive revenue of $1.38 billion.
This is another all-time high (ATH) for the crypto, suggesting another potential ATH sooner or later. This also dwarfs Ethereum’s February revenue of $1.37 billion, which is 0.73 percent lower than its current value.
Furthermore, reports state that Ethereum’s miner subsidies compose 12 percent of the previous month’s total mining revenue. Meanwhile, transaction fees make up 47 percent of the total pool. This shows a 9.94 percent decrease from February’s 52 percent.
What to Expect With Ethereum?
The start of 2021 brought Bitcoin to greater heights. But it isn’t just BTC that received surprising good tidings. Ethereum (ETH) emerged as one of the best performing coins to date.
This is due to Eth2’s plan to migrate their network into the new proof-of-stake (PoS) algorithm consensus. This will improve the overall security and operational efficiency of the ETH blockchain.
There is currently over $7 million worth of Ethereum coins staked at the Eth2 Beacon network. This was unexpected especially since ETH experienced strong price volatility last year.
Increasing Support From the Community
Visa has confirmed its partnership with Crypto.com enabling cardholders to pay directly using Ethereum-powered USD Coin (USDC). USD Coin is a stablecoin whose value is directly linked to the US Dollar.
Visa says in a statement that there is an increasing demand from consumers to use cryptocurrencies for payments.
The news then pushed Ethereum’s price beyond the $2,000-mark. It is also the coin’s first time in six weeks to reach this prior to its current ATH.