JAKARTA - The price of Ethereum (ETH) has increased to a record all time high of IDR 40 million in the last few days. This price is predicted to continue to skyrocket even higher.
The skyrocketing price of Ethereum has been more than 10 times what it was before. Even though last year, Ethereum was at a price of Rp. 32 million. This increase was due to the European Investment Bank (EIB), which issued digital bonds through the Ethereum blockchain technology.
“The price increase occurred because EIB created a digital bond network on the Ethereum blockchain network. EIB is reportedly planning to issue 100 million euros in bonds, ”said Indodax CEO Oscar Darmawan in a statement.
Oscar revealed that Ethereum is an altcoin that has strong fundamentals and the best utility to date. Ethereum has a function as a container for the birth of new crypto assets and also a new blockchain network.
“The Ethereum network is the most widely used network. Ethereum's fundamentals and utility are good. So that Ethereum is the second most popular crypto asset after Bitcoin or the best altcoin available to date, "he added.
Ethereum's market capitalization has also reached 311 billion US dollars. Number two after Bitcoin's market cap. ETH volume has also touched 33 billion US dollars.
The positive trend in ETH prices is predicted to continue if a number of other banks follow the steps taken by EIB. This is one of the factors that can drive the price of Ethereum up.
Another factor that can drive ETH prices up is the development of the technology itself. Ethereum itself is in the process of being developed to address its own weaknesses. This is evidenced by the upgrade to Ethereum 2.0 so that ETH has a fast network and fees are cheaper than before.
“Also, in the middle of this year, Ethereum will upgrade to EIP-1559, which is where a lot of Ethereum will be burned. As we know, burn is likely to cause crypto asset prices to increase even hundreds of times, "said Oscar.
The skyrocketing price of ETH is symbolic of the rise of altcoins. This indicates that the altcoin price has increased. Despite this, bitcoin prices have been slumping in recent days.
"When bitcoin still hasn't returned to its highest price, or is still around Rp. 800 million, this is a common decline. At that time, Ethereum remained at the Rp.33 to 39 million level. Now Ethereum has topped its highest price. And other altcoins have also shown price recovery, it seems that they are ready to peak their respective highs, "said Oscar.
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