Why is Ethereum rising?

The value of Ethereum has soared this year. According to data from CoinMarketCap, at the time of writing, its current price is $4,317-an increase of more than 2,00% since the same period last year.

After reports that the European Investment Bank (EIB) could conduct digital bond sales on the Ethereum blockchain network, the index rose this week.

The amazing rise means that Bitcoin is no longer the king of cryptocurrencies after being defeated by the weaker Ethereum.

Investors bet that Ethereum will become more and more useful in the future decentralized financial system of Ethereum.

James Quinn, managing director of Q9 Capital, a private wealth management firm for cryptocurrency in Hong Kong, said that the rise of Ethereum is also due to many other factors. These measures include improvements to the Ethereum blockchain and a shift to “DeFi” or decentralized finance, which refers to transactions outside of traditional banking where the Ethereum blockchain is a key platform.