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The price of Ethereum hit a record high in history. Thursday (29/4), Ethereum's price was up 2.6% at US $ 2,765 per ETH. If converted into ethereum, the price is IDR 40 million per ETH.
The increase in ethereum prices made ethereum's market capitalization of US $ 318.8 billion. Ethereum is the second most popular altcoin after Bitcoin. Bitcoin's market cap is more than US $ 1 trillion.
Oscar Darmawan, CEO of Indodax, predicted that the trend of Ethereum prices to go up is still open. There are several factors that make Ethereum's price stronger. First, Ethereum is still in the stage of upgrading its technology to Ethereum 2.0.
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This evolution has made a lot of improvements to Ethereum's shortcomings. For example, such as a faster network and lower costs. Oscar also explained that Ethereum will also change proof of work (mining) into proof of stake (staking). This is to reduce the maximum supply of Ethereum in the future.
This is because so far the weakness of Ethereum is its unlimited supply. Ethereum is also currently upgrading EIP-1559 in mid-2021.
"The upgrade will reduce the supply of Ethereum. Because there will be a burn of Ethereum. The goal is the same, to reduce the supply in the future," Oscar explained in a release.
Oscar said the price of Ethereum had actually increased more than 10 times over the course of one year. Last year, the price for Ethereum was only Rp. 3.2 million. Meanwhile, currently, it has reached Rp. 40 million.
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Meanwhile, in four months this year, Ethereum increased 4 times. January 1, 2021, the price of Ethereum is only IDR 10 million. Although sometimes, Ethereum goes down every now and then.
Also Read: Translating US $ 2,700, Ether sets a new record for the highest price of all time
Another factor for the increase in Ethereum prices this time is because the Europe Investment Bank (EIB) will issue digital bonds using the Ethereum blockchain network. This will make the demand for Ethereum crypto increase dramatically.
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Previously, the use of the non-fungible auction system (NFT) also used the Ethereum network and used its crypto. In addition, Visa is also reported to have created a network on top of the Ethereum blockchain network.
The use of the blockchain network for the issuance of digital bonds that will be carried out by other banks continues to raise the price of Ethereum. Issuance of digital bonds is still rare. "These factors are some of the potential increases in the price of Ethereum. Most likely, the price of Ethereum will go up in the future.
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