Ethereum exceeded 5 million won on the domestic cryptocurrency exchange, breaking the record high. Bitcoin maintains the 71 million won mark.
Ethereum is trading at 54,000 won, up 4% from the previous day, based on Upbit, a domestic cryptocurrency exchange, at 4:5 pm on the 10th. This is the first time that Ethereum has exceeded 5 million won. Ethereum rose 440% compared to earlier this year. It was covered by Dogecoin, but among the’altcoins’ (cryptocurrencies other than Bitcoin), it is showing a steadily increasing trend without large price volatility. Bitcoin recorded 71.2 million won, down 0.43% from the previous day.
At the same time, on CoinMarketCap, a global cryptocurrency market relay site, Ethereum traded at $4130 (about 4.6 million won), up 4.54% from the previous day, and Bitcoin, trading at $58,832 (about 65.6 million won), down 0.92% from the previous day.
There is high utility behind the rise of Ethereum price. Ethereum is attracting attention because it has many uses compared to Bitcoin. It provides not only simple transactions or payments, but also scalability by combining various applications. Most of the non-replaceable tokens (NFTs), a blockchain technology that has recently been in the spotlight, are also based on Ethereum. Global banks are also joining the Ethereum ecosystem. Last month, the European Investment Bank (EIU) decided to issue a 2-year digital bond worth 100 million euros (134.3 billion won) based on the Ethereum blockchain network.
Some analysts say that investors are turning to Ethereum because of the disappointment of Dogecoin, which is repeating the plunge. Dogecoin’s market price is fluctuating at the word of Tesla CEO Elon Musk. After Elon Musk appeared as the host of the popular commini show’SNL’ on NBC broadcasting and proceeded with a contest titled “Doji Coin is a Scam”, the market price plummeted 38% from the peak. Since then, space exploration company SpaceX, where Elon Musk is the CEO, announced that it had decided to receive the cost of the lunar exploration program in Dogecoin, and prices jumped again.
Currently, Dogecoin is trading at 658 won, down 6.4% from the previous day on an Upbit basis.
