The Ethereum blockchain is the most widely-used blockchain tech in the world, and it plays host to countless DeFi applications and non-fungible tokens. The blockchain’s surging demand has led to the value of its native cryptocurrency Ether skyrocketing to record highs. The crypto gained 3.5%, and its value soared to $4,403.93. The previous record high was $4,379.62, which the crypto recorded back in May 2021.
Ethereum wasn’t alone to gain momentum in the crypto market. Binance Coin, Solana, and other smaller crypto tokens also experienced rallies. These rallies have led to renewed belief among traders that Ether and other altcoins will outperform the biggest cryptocurrency in the world – Bitcoin.
A few years ago, Bitcoin’s blockchain was the most widely used. However, in recent years, Ethereum has surpassed Bitcoin in terms of blockchain adoption. Today, the Ethereum blockchain serves as the foundation of several projects including popular ones like Uniswap and MakerDAO. As of now, over 3,000 apps in the DeFi sector are running on the Ethereum blockchain.
This week, the blockchain tech of Ethereum saw a long-awaited upgrade in the form of the Altair. The developer of Ethereum 2.0, Preston Van Loon, shared the news of the upgrade’s launch on Twitter.
The recent rally of Ether and other smaller altcoins have resulted in traders expecting the “alt season” boom – a season when investors rally behind altcoins and not Bitcoin. The performance of altcoins like Solana and Polkadot has further cemented the belief and expectations of traders surrounding the “alt season”.
While Ether still has a lot of catching up to do to match up to Bitcoin’s valuation, the signs are all positive thanks to the widespread adoption of the Ethereum blockchain.