It's been a great week to be Ethereum ($ETH) as the #2 cryptocurrency in the world crossed the $3,000 mark on Sunday, with its market cap hitting $350 billion and surpassing Nestle, P&G and Roche. ETH is up ~400% for the year and ~200% since February, as it has overshadowed its older sibling, Bitcoin (200% gain for the year).
The latest bull run is driven by 1) European Investment Bank's announcement that it will do a digital bond sale on the ETH blockchain network and 2) Visa's announcement that it will settle transactions using ETH, as the world realizes that crypto is a little more than a scam.
Short Squeez Takeaway: We believe ETH is here to stay and is our #1 crypto investment pick. While Bitcoin is primarily used as a store of value, ETH has expanded on Bitcoin's vision of a decentralized payments world by building a global computer network. Through this network ETH has allowed creators to build many more decentralized applications e.g. ETH is the cryptocurrency of choice for NFTs, and is also being used in a variety of applications in finance, advertising and gaming. An upcoming upgrade to ETH 2.0 will also make the network faster and more efficient. $10k by year end any one? (A former ARK Analyst thinks it can reach $40k)