Ethereum has steadily gained 5% per day over the past week and recently reached a new high of $ 2900. Ethereum is currently trading at an all-time high of $ 2866, with a market capitalization of $ 331 billion.
Ethereum breaks record after record
For the first time in history, Ethereum managed to reach $ 2,850 and is on track to surpass $ 3,000. This momentum can help the cryptocurrency break its all-time high price and move Bitcoin closer to its market cap. While Bitcoin remains the most common cryptocurrency, its market share has dropped below 49%, while Ethereum’s market share is approaching 15%.
According to data analytics platform Skew, the recent ETH price rise coincides with the increase in spot trading volumes since mid-April.
Ether spot volumes have materially picked up since mid-April pic.twitter.com/3WqHlWdsl7
— skew (@skewdotcom) April 29, 2021
Analysts are optimistic about the ETH price increase and predict it will continue in the near future. Most market participants expect the Ethereum price to rise to $ 10,000 or more by the end of the year.
Bitcoin has crossed $ 58,000 in the past few hours and is now very close to $ 60,000, a high psychological level that will be critical in the coming days.
Bitcoin and Ethereum are not the only cryptocurrencies rising in value. Binance Coin (BNB), Dogecoin, and Litecoin also rose. Binance Coin has grown by over 2% in the last 24 hours to $ 627.
Dogecoin continues to attract buyers and is currently trading at $ 0.36, up more than 17%. Litecoin, the digital asset produced by Charlie Lee, rose 3.14 percent compared to yesterday after surpassing $ 272.
Can Ethereum reach $ 10,000?
- Market analyst ‘Spencer Noon’ provided the top ten reasons why Ethereum could potentially reach $ 10,000 by the end of 2021.
- There is currently a huge demand for ETH block space as the Ethereum blockchain outshines its peers with an average daily fee of about $ 18 billion paid.
- NFT sales in Ethereum have skyrocketed and recently exceeded $ 600 million.
- The Ethereum-based Polygon network currently handles $ 1 million in daily transactions. It also acquired some of the largest DeFi projects, such as Aave.
- The Ethereum blockchain network currently has more than $ 50 billion in outstanding stablecoin supply.
- As of today, the Ethereum blockchain network is worth $ 30.5 billion every day, twice as much as the Bitcoin blockchain network.
- Daily active addresses for Ethereum are on a steady rise and recently hit a new all-time high of over 625K.
- Ethereum is slowly emerging as an enterprise-grade technology with the explosive growth of DeFi activity this year. Of the total $ 65 billion locked in DeFi, most of the DeFi projects are in Ethereum.
- The Ethereum community is now waiting for the ETH 2.0 update to be launched. As a result, ETH could become one of the largest blockchain networks in the world. In recent months, several projects have moved from Ethereum to Binance Smart
- Chain (BSC) and attracted a number of new Decentralized Finance (DeFi) projects.
- Ethereum can regain its superiority in the DeFi market with ETH 2.0.
- With cheaper and faster transactions, the world’s second-largest blockchain network can once again host the most widely used and powerful dApps, attracting users of Binance Smart Chain who previously used Ethereum.