Ethereum is setting new all-time highs above $2K, as smart contract supremacy accelerates with corporations like PayPal and Visa join Wall Street banks in expanding their crypto offerings. Ethereum prices began rising on Wednesday as the market uplift.
The market was Inspired by crypto-themed April Fool’s pranks. On the same day, the Teletubbies tweeted about Bitcoin to advertise their own imaginary cryptocurrency TubbyCoin. And long-term critic Peter Schiff briefly admitted that he was wrong about the crypto asset.
As Smart Contracts Make Massive Gains as Ethereum Soars to All-Time Highs
While Bitcoin wasn’t, Ethereum soared as the week progressed. Sparking a mega rally among smart contract platforms. TRON doubled in value, EOS rose almost 50% and BNB increased 25%.
Performance by Ethereum’s stellar could be credited to integrations with the biggest global payment processors.
Visa last Monday said that it “will begin accepting cryptocurrency at millions of its global merchants, and will be using the Ethereum-based stablecoin US Dollar Coin (USDC) to settle transactions.”
PayPal also confirmed permission for US customers to pay online merchants using cryptocurrencies. This will mark another key milestone in the mainstream adoption of crypto assets.
Wall Street Banks Expand Bitcoin Offerings as Ethereum gains momentum
Morgan Stanley and Goldman Sachs are diving deep into the digital assets with new Bitcoin investment products.
The plans announced by Goldman this week include the offering of multiple crypto investment vehicles, citing demand from “a large contingent of clients.” Meanwhile, Morgan Stanley committed to giving the ability to a dozen of its mutual funds for indirect investment in Bitcoin.
This rapid pace of acceptance on Wall Street reflects the same that was identified by the Chief Investment Officer of Soros Fund Management, as an “inflection point,” triggered by growing fears of inflation.
The global market is optimistic after the S&P 500 surpassed 4,000 for the very first time. It is easy to imagine both mainstream digital assets, Bitcoin and Ethereum, roaring to new highs in the week to come.
However, Bitcoin is still held back by selling pressure at $60K. At this level, we could expect an eventual break to unleash a powerful rally upwards, adding to the bullish sentiment created by Ethereum.