Ethereum Price on the Rise Shadowing Bitcoin

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Luxembourg, April 5, 2021 – The European Investment Bank (EIB), the world’s largest multilateral financial institution, recently issued its first digital bond on a public blockchain. The EIB, the credit arm of the European Union, issued the bonds on April 28, 2021 together with the joint managers Banco Santander SA, Goldman Sachs and Societe Generale AG.

With the Ethereum technology, the EIB sold two million digital euros in two-year digital banknotes. The banknotes contain a 0% coupon with the banknotes registered in the public Ethereum blockchain network. Investors can buy the security brands in fiat currency. According to the EIB, the Joint Lead Managers will then run the underwriting against the issuer using a representation of central money, the Central Bank Digital Currency (CBDC).

The advantages of digitizing bonds include improved market transparency, faster processing speeds, and lower fixed and intermediary costs. According to Mourinho Félix, Vice President of the EIB, “These digital bonds will help give the bank faster and more efficient access to alternative sources of finance to boost funding for projects around the world.”

Following the announcement, Ether, the coin on the Ethereum blockchain network, rose to a record high of $ 2,713.95. The cryptocurrency rebounded and is currently worth $ 3,364.59, representing a price increase of 24% in a week.

The reports of the EIB digital bond issuance have “sparked a bullish institutional use case for Ethereum,” said Danny Kim, head of sales at SFOX, a full-service crypto broker.

“The amount of Ethereum sitting on exchanges continues to decline and was the lowest in the past year,” said Kim. “Since there is less supply available on the stock exchange, the likelihood of a larger sell-off is less.”

In addition to the EIB report, the explosion of non-fungible tokens (NFTs) and the decentralized financial market (DeFi) resulted in a dramatic rise in the price of Ethereum.

NFTs are unique in that only one is created at a time, and they are not interchangeable as is the case with crypto tokens and coins. The premise behind NFT is that the token correlates with a real-world item or digital work of art that is being sold as a unique digital asset.

The DeFi market offers financial products independent of central banks and consists of many financial services that enable crypto holders to borrow or lend on their holdings. Chainlink Co-Founder Sergey Nazarov said, “With inflation rising, DeFi products on Ethereum are the perfect way to combat the uncertainty created by central bank money pressures and various supply shocks.”

The surge in crypto has been of such importance that Ethereum’s forecasts for 2021 estimate that crypto will hit $ 5,000 per Ether token in the coming week. In 2021 alone, ether saw a 350% increase over Bitcoin’s 90%.

A key point in the Ether price rally lies in the fact that many of the blockchain applications that have drawn media and mass market attention are developed and run on the Ethereum blockchain.

DeVere Group’s CEO, Nigel Green’s cryptocurrency predictor, said he expects Ethereum to “significantly detract from Bitcoin’s dominance in the next year and beyond.”

“Compared to [Bitcoin]Ethereum is more scalable, offers more applications and solutions, such as B. Smart contracts, which are already in use in many sectors, and is equipped with superior blockchain technology. “

Ethereum’s price prediction for 2021 indicates a dramatic and sustained upward trend and that the future of Ethereum will continue to be optimistic based on Ethereum’s price prediction for late 2021.

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