Ethereum (ETH): Price push thanks to Tesla CEO Elon Musk

July 27, 2021

Ethereum (ETH)d

Ethereum (ETH), like many other cryptocurrencies, suffered in recent weeks from the highly volatile market and the sell-off of many tokens. Before the crypto crash at the end of May 2021, Ethereum recorded an all-time high of 4168.7 US dollars on 11 May. After that, the token went steeply downwards for the time being. Despite the current volatility of the market, Ethereum now seems to be slowly recovering. Tesla CEO Elon Musk also gave a brief push in this regard.

Elon Musk owns Ethereum and is a fan of DeFi projects

The growth of the Ethereum network through decentralised applications has attracted the attention of analysts and investors in recent years. Speaking to Twitter CEO Jack Dorsey and ARK Invest's Cathie Wood at 'The B word' conference, Tesla CEO Elon Musk publicly stated that he owns Ethereum. In doing so, Elon Musk confessed to being a fan of decentralised finance.

In case you missed it, you can watch all of the presentations from #TheBWord on the event website, including the live discussion with @elonmusk, @jack, and @CathieDWood.

Referring to the price volatility resulting from his tweets, Musk said that he has something to gain by promoting Bitcoin, as he is personally invested in Bitcoin, Ethereum and Dogecoin. So if the price of these cryptocurrencies falls, Elon Musk also loses money. However, he also stated that although he invests in cryptocurrencies like Ethereum, he does not manipulate them.

Ethereum (ETH) now focuses on applications outside DeFi

Ethereum developer Vitalik Buterin is now shifting his focus to creating Ethereum-based applications that extend beyond DeFi. In doing so, he wants to focus on projects that have an impact on society and thus generate benefits, rather than profits for creators. One step in this direction would be to develop a decentralised social media channel like Twitter or Facebook on the Ethereum network.

While the decision of a decentralised social media channel is not yet set in stone, the involvement of Ethereum team members suggests that the groundwork has already been laid. The expansion of social media on the Ethereum network is a project close to Buterin's own heart, as the problems of centralised social networks plague him.

Buy Ethereum (ETH): When is the right time to get in?

Elon Musk was able to help Ethereum rise in price during the current rather turbulent crypto market. In general, Ethereum recorded a gain of 7.51 percent in the last 7 days - the currency has also risen by 4.96 percent in the last 24 hours. Moreover, experts expect a further price increase after the implementation of the hard fork on 4 August.

Ethereum still ranks 2nd by market capitalisation and is thus also the second most popular cryptocurrency after Bitcoin. Due to the crypto crash and the last few weeks, Ethereum is still far from its all-time high, but could still exceed it by the end of the year. So now could be a very good time to get in on Ethereum.

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About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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