eToro, a website for trading cryptocurrencies, asserts that Ethereum is the only cryptocurrency of its type. Ethereum was introduced as an open-source software platform that enables developers to create coins and other digital applications. Ethereum refers to a decentralized, distributed electronic ledger that records all transactions. Ledgers are the backbone of cryptographic monetary transactions.

Ether, a token generated by the Ethereum blockchain, is the Ethereum cryptocurrency. Using a blockchain makes it almost impossible to falsify anything stored on it. Currently, these tokens are "mined" by computers solving mathematical puzzles, similar to how Bitcoin is mined. In the last year, both retail and institutional investors have embraced Ethereum.

<img class="aligncenter" src="https://analyticsinsight.b-cdn.net/wp-content/uploads/2021/11/What-is-Driving-the-Ethereum-Price-Surge-Why-Does-it-Matter.jpg" alt="Ethereum Experiencing Record-High Surges Often - Possible Causes?" width="572" height="318" />
<h2>Why should an investor purchase Ethereum?</h2>
<a href="https://www.etoro.com/">eToro</a> argues that trading or exchanging Ethereum for other cryptocurrencies is straightforward. According to the broker, an increasing number of online and offline firms will take bitcoin. In comparison to Bitcoin, there is significantly lower transaction time, and dApps (decentralized applications) make it possible for developers to build new online services.

In March 2021, Christie's became the first auction house of its kind to take Ether as payment for a Beeple work of art. The book 'Everydays: The First 5000 Days' was sold for $69.3 million. The European Investment Bank (EIB) announced a €100 million two-year digital bond on the Ethereum blockchain at the end of April 2021, demonstrating the financial sector's rising interest in cryptocurrencies. At the beginning of the month, the S&amp;P Dow Jones created a new cryptocurrency index for Ethereum as well as multiple other cryptocurrency indexes.
<h2>Where can you buy Ethereum?</h2>
You can buy from a cryptocurrency exchange such as Coinbase and online platforms such as <a href="https://www.cryptoknowmics.com/news/kraken-opens-waitlist-for-its-upcoming-nft-marketplace">Kraken</a>, Gemini, or eToro. You must first create an account with the preferred crypto exchange to buy foreign currency. Next, ensure that you validate your address and identity and then link that account to your personal bank account. Depending on the number of funds you intend to deposit, withdraw, and transact, fees may differ from one service provider to the next. PayPal, wire transfers, and debit/credit cards are viable payment options. New investors may need more assistance from customer service than more seasoned investors.
<h2>Can Ethereum's Price Continue to Rise?</h2>
In the world of cryptocurrencies, few things are definite, and there are no feasible guarantees. However, it is also important to note that many eminent financial experts have serious questions about the safety and viability of the concept. For example, Nigel Green, CEO, and founder of the financial consulting firm deVere Group projects that Ethereum's price could soon climb over $5,000. 

Increased interest from huge institutional investors and a growing consensus that borderless digital currencies are the future of money have propelled the current upswing.

Experts projects that Ethereum will significantly erode Bitcoin's market dominance later this year and beyond. Ethereum is more scalable than its well-known rival due to the use of smart contracts in various businesses. Something interesting about this is that blockchain technology supports smart contracts.
<h2>Ethereum's Price Surge</h2>
Blockchain technology is becoming more popular due to a small but increasing number of organizations and IT professionals migrating from Web2 to Web3. According to the <a href="https://www.cryptoknowmics.com/news/what-is-ethereum-name-service-and-how-do-you-get-a-eth">Ethereum Name Service</a> (ENS), the adoption of Web3 may make it easier for DApp users to interact with the Ethereum network. This is possible by generating Ethereum addresses that people can read and then convert into alphanumeric codes that computers can interpret.

According to data from Cointelegraph Markets Pro and TradingView, the price of ENS has increased by 91.75 percent. This has happened with a daily projection of $27.65 on May 2 as the 24-hour trading volume has increased. 
<h2>Causes of Ethereum Price Surge</h2>
Reasons for the frequent increase in Ethereum price include the following:
<ul>
 	<li style="font-weight: 400">Increase in demand for 3- and 4-digit ENS domains  </li>
 	<li style="font-weight: 400">Increase in the number of ENS domain registrations </li>
 	<li style="font-weight: 400">Rise in protocol revenue, thereby providing additional funds the for ENS decentralized autonomous organization </li>
</ul>
Also, DeFi's soaring popularity is one of the key factors influencing the price increase of Ethereum. Ethereum supports several DeFi initiatives on its blockchain network, with most DeFi-related activity occurring on it. This has and continues to drive the price increase of Ethereum on the cryptocurrency market.

Moreover, Ethereum has been creating several software upgrades. ETH 2.0 was released in December 2020, and more updates are in progress as we speak. This new development has increased people's interest in its growth potential.

The growth in Ethereum's value is also partially attributable to growing institutional use. According to the Annual Review by Coindesk, an increasing number of institutional investors consider ETH as a store of wealth.

Ethereum Record-High Surges - What are the Possible Causes?

Ethereum, which came into existence as an open-source, has been recording all-time highs recently. What are the possible causes?

Oluwademilade Afolabi is a freelance writer and editor passionate about blockchain technology and the health industry. He is a 6th year medical student, and has worked with various companies and blogs since the blockchain revolution began.

Ethereum Record-High Surges - What are the Possible Causes?

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