The world's leading cryptocurrency has some competition on its hands, as Ethereum finally hit the €6 mark, as its Ether token quadrupled in cost since the beginning of the current year. Although Bitcoin has been the go-to cryptocurrency on the planet for some time, Ethereum's recent rise suggests there is still room for competition as the cryptocurrency market evolves. One thing that distinguishes Ethereum from Bitcoin is the fact that it provides the infrastructure for the NFT (Non-Fungible Token) and Decentralized Finance (DeFi) arenas, which have seen tremendous development in the last XNUMX years. However, Bitcoin still has a considerably higher market cap at €XNUMX billion compared to Ethereum's €XNUMX billion, but that could indeed change with more investors and projects buying into the Ethereum blockchain. Indeed, last week the European Investment Bank (EIB) announced plans to launch a digital bond sale on the internet at a cost of €XNUMX million.
Ethereum rally
At the time of writing this article, one Ether is currently valued at €XNUMX and Ethereum saw its value increase by XNUMX% just on the first day of the week. Other factors that have contributed to Ethereum's recent rally include the fact that the next generation of the Ethereum blockchain, known as Ethereum twenty, went live late last year and that cryptocurrency exchange Coinbase went public. of NASDAQ stocks with the symbol COIN last month. At the end of last year, Ethereum was trading below €XNUMX per coin before rising in January XNUMX and has not slowed since. Now that Ethereum has reached €XNUMX, some investors are wondering if the cryptocurrency will continue its rally to reach €XNUMX. Bitcoin, on the other hand, hasn't recovered since it plunged from a record low of nearly €XNUMX in mid-April. Only time will tell if Ethereum continues to gain ground or if we are going to see another market correction similar to the one that took place in XNUMX.- Interested in mining cryptocurrencies? Check out our list of the best mining rigs.