Ethereum Co-Founder Vitalik Buterin is Now a Billionaire, Holding Over 333,520 ETH
Ether price rallies above $3,290 but still only 131% above last bull market ATH, unlike Bitcoin’s 225% uptrend.
Ethereum co-founder Vitalik Buterin has become a billionaire as the price of Ether surged past $3,000 to hit an all-time high at $3,292.
With this increase in value, Ether became a $375 billion market cap cryptocurrency. The highest Bitcoin market cap went during the 2017 bull market, now worth more than Bank of America or PayPal. BTC -4.70% Bitcoin / USD BTCUSD $ 45,636.49
-$2,144.92-4.70% Volume 30.23 b Change -$2,144.92 Open $45,636.49 Circulating 18.82 m Market Cap 858.92 b 14 h Crypto Lender Celsius Network is Now Being Targeted by Texas, New Jersey, and Alabama 2 d Stablecoins Come Under Scrutiny As Regulators Rev Up Crypto Clampdown Efforts 2 d Interactive Brokers Founder Already Red Pilled, Has Been “Itching” to Offer Crypto Trading for a Long Time
At its ATH, ETH was up a whopping 1,066,566% from its initial coin offering (ICO) price of $0.30.
The crypto asset is up more than 60% in a fortnight as it continuously hits new ATHs and 330% YTD as it finally catches up to Bitcoin’s late 2020 run-up that saw it going to $65k, an increase of 225% from 2017 ATH of $20,000.
Despite the latest rally, Ether’s latest ATH is still only 131% above the early January 2018 high of about $1,420 on Coinbase. For Ether to fully catch up to Bitcoin’s gains, ETH price needs to go above $4,600.
When it comes to the long-term price, some traders call for $10,000 to $20,000 for this cycle top while others are even as high as $40,000.
The ATH has already made the co-founder of Ethereum a billionaire as per the address shared by Buterin, which contains 333,520 ETH worth over a billion-dollar at $3k per ETH. While he has “some other addresses” as well, “they're quite small relatively,” he said.
Back in 2018, when sharing his addresses, Buterin had said at the time,
“I never personally held more than ~0.9% of all ETH, and my net worth never came close to $1b.”
Lately, Ether has been gaining a lot of traction, especially with the London hard fork with the coveted EIP 1559 that will make it “deflationary.”
“The EIP-1559 upgrade will be activated, likely resulting in hundreds of millions worth of ETH being burned each year — this is a massive catalyst for ETH value capture and its overall fundamental investment case,” noted Spencer Noon, general partner at Variant.
Even before that, the growing popularity and usage of DeFi that aims to revolutionize finance and NFTs have pushed Ether’s use to new heights this year, resulting in the blockchain earning more than $10 billion in fees every day.
Institutions are also taking an interest, with EIB planning to sell a bond on the blockchain, several Ether ETFs currently trading in Canada, and CME recording growing volume on Ether futures; all this spot buying is pushing the prices of Ether to new heights.