June 19, 2021

Ethereum (ETH) price hit a record high of over 3,400

Jack Taylor | Getty Images

Guangzhou, China – Ether, The digital currency linked to the Ethereum blockchain, reached 45,456.57 all-time highs, as cryptocurrency expanded a rally this year to see its price gain 360%.

According to CoinDesk data, the digital currency traded lower at 27,271.90 at 12:12 on Tuesday afternoon trading in Asia.

Interest in cryptocurrencies has increased with bitcoin over the past year Will continue to push for new record highs. Many factors such as increasing corporate interest and the purchase of the Tesla digital currency have added pride to its rise.

Bitcoin Is Described as “digital gold” Or value shop in times of geopolitical turmoil or financial market volatility As well as a hedge against inflation.

But Ethereum is different. It acts as a platform for developers to create applications. Ethereum is the name of the network or Basics of Blockchain Technology, Ether is the digital currency used to run the site.

Is called Smart deals are a key feature of Ethereum. These are contracts that can be executed automatically using the code.

Enthusiasm is growing about the use of ethereum in decentralized finance or defi applications. These are blockchain-based financial services, such as lending, which theories transcend banks and brokerages.

Last month, the European Investment Bank said it had issued its first digital bond using Ethereum on public blockchain.

The number of DeFi applications built into Ethereum and the growing corporate interest in technology may be behind the rapid price hike.

“Thousands of developers are creating applications that recreate traditional financial products in decentralized ways over and over again, and as more and more users are infiltrated to interact with these applications, they need ETH (ether) to conduct any transaction,” said Sergei Nazarov, co-founder of co-smart contracting company ChainLink.

“Second, corporate interest in the public Ethereum blockchain seems to be growing as shareholders play with ways to improve the public network.”