Ethereum (ETH), which has been on the rise since last week, is now approaching the new $ 2,900 milestone. At the time of writing, Ethereum (ETH) is trading at an all-time high of $ 2,866, with a market capitalization of $ 331 billion.
The latest ETH price rally came with an increase in spot trading volumes since mid-April. The data of the analysis platform Skew are as follows:
Ether spot volumes have materially picked up since mid-April pic.twitter.com/3WqHlWdsl7
— skew (@skewdotcom) April 29, 2021
Many analysts are very optimistic about the ETH price rally and they say the rally will not stop anytime soon. Most market players believe that the Ethereum (ETH) price will be $ 10,000 and above by the end of this year. Accordingly, market analyst ‘Spencer Noon’ listed the top ten reasons why Ethereum has the potential to reach $ 10,000 by the end of 2021 as follows:
There is currently a huge demand for the ETH blockchain space as the Ethereum blockchain outshines its peers with an average daily fee of about $ 18 billion.
The Ethereum blockchain network processes $ 30.5 billion worth of transactions every day, twice the bitcoin blockchain network.
Daily active address numbers for Ethereum are constantly on the rise and recently hit a new all-time high of over 625,000.
Ethereum is slowly emerging as an enterprise-grade technology with the explosive growth of DeFi activity this year. The total value locked in DeFi is $ 65 billion, most of the DeFi projects are in Ethereum.
Monthly Ethereum-based DEX volume has increased 60-fold last year, exceeding $ 60 billion.
Due to the strong ETH liquidity, synthetic cryptocurrencies including Bitcoin are represented on the Ethereum blockchain. The supply of synthetic Bitcoin on the Ethereum blockchain has exceeded $ 200,000.
NFT sales on Ethereum have skyrocketed and recently exceeded $ 600 million.
The Ethereum-based Polygon network currently handles $ 1 million in daily transactions. It has also incorporated some of the largest DeFi projects such as Polygon and Aave.
The Ethereum blockchain network currently has an outstanding supply of more than $ 50 billion of stablecoins.
The entire Ethereum blockchain is waiting for an EIP-1559 update that will significantly reduce the problem of increasing ETH gas charges for its users.