Ethereum reaches all time high price crossing $3000 and Vitalik Buterin becomes billionaire

 World’s second largest cryptocurrency, Ethereum(ETH) reached a major milestone with the currency rising to a new all-time high over $3,000. The surge in Ether's price comes days after the European Investment Bank announced that it had issued 100 million euros in 2-year notes using the Ethereum blockchain. The rally in Ether comes in the wake of speculation that this digital currency is gaining grip among mainstream financial institutions like Mastercard, JPMorgan and UBS.


The remarkable run has even prompted renewed speculation that Ether could overtake Bitcoin(BTC) as the largest digital currency in the world. Multiple series of events share responsibility for Ethereum’s rise till this day. The first is an ongoing surge in activity on the blockchain, including from institutional entities.  Retail interest in decentralized finance has also been rising as of late, with total value locked reaching astonishing highs above $100 billion.

However, the “London” hard fork, which includes the EIP-1559 that made changees of Ethereum’s fee structure, along with the subsequent looming Ethereum 2.0 transition to a proof-of-stake consensus model may be the prime events investors are anticipating behind this rise of Ethereum. These upgrades to the network are expected to significantly decrease fees, as well as reduce the amount of ETH rewarded to miners — which, in turn, is expected to decrease sell-side pressure on the asset.

With rise of Price of Ethereum(ETH) Vitalik Buterin, a co-founder of the world’s most popular smart contract platform, the Ethereum blockchain, has officially become a crypto billionaire.

Buterin’s public Ether address, which he described as his main wallet back in 2018, has hit $1 billion on its balance following Ether’s meteoric rise above a $3,000 price mark on Monday. At the time of writing, the address holds around 333,500 Ether (ETH) now worth $1.029 billion, according to on-chain data from Etherscan, as ETH more than quadrupled in value from around $700 at the beginning of 2021.

At publishing time, the world’s largest altcoin is trading at $3,360.

Ethereum creator Vitalik Buterin has contributed 100 Ether (ETH) and 100 MKR tokens to a COVID-19 relief fund for India as the country finds itself embroiled in the virus’s second wave. Buterin contributed to a "crypto-COVID" relief fund set up on the cryptocurrency custodian platform, Gnosis Safe.

Public transactions on the Ethereum blockchain show two transactions coming from one of Buterin’s wallets on Saturday. The Ethereum creator sent 100 ETH and 100 MKR to the relief fund, representing dollar values of $220,000 and $400,000, respectively.

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Ethereum is making a rapid growth and hits Hard fork and upgrade to Ethereum 2.0 has helped to boost its price to this level. The high transaction fees was a big issue which it has addressed to some extent but the miners fee have declined.

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