Ethereum Price Reaches a new all-time High, Flips PayPal's Valuation
The ETH/USD price, on Apr 29, rose to register a new all-time high of $2,791, data shows. At those levels, the network has flipped PayPal—a payment processor, as its market dominance inched higher, clawing BTC's. The surge of ETH's market cap is at the back of increasingly bullish market participants expecting marked scarcity in Q3 2021.
Ethereum is the powerhouse of the crypto ecosystem due to smart contracting. Accordingly, innovation sprouting from its system directly pumps ETH that's now rocketing to new levels. Even at spot levels, the migration to L2 or efforts to address high Gas fees and scalability troubles would significantly cause a demand in ETH, a net positive for HODLers.
Impact on ETH Prices:
Bullish. ETH bulls would undoubtedly drive the altcoin season of 2021. Significant developments to resolve longstanding scalability and transaction fees issues are in the pipeline, set for activation in Q2 and Q3 2021.
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