TL;DR Breakdown
- Ethereum price reaches a new all-time high of $4,530.
- It is a result of the increased use of the Ethereum blockchain network after Facebook’s metaverse announcement.
- ETH market remains bullish, with experts hoping to see the $5K milestone soon.
Ethereum, the second-largest cryptocurrency in the industry, has hit a new all-time high today. According to the data from Coingecko, ETH reached $4,530 today, recording its first-ever jump over the $4.5k mark.
This is also a historical milestone for the entire industry because Ethereum’s new all-time high has pushed the crypto market over $2.7 trillion in value, for the first time in history. ETH reached its previous all-time high of $4467 earlier last week. Overall, it’s been a rather stable week for ETH, as the popular coin didn’t go below the $4.2k mark in the last 7 days.
ETH price increase and its stability over the week is a result of the increased use of the Ethereum blockchain. Developers and traders have been busy this week building decentralized apps and transacting NFTs, after the news that Facebook will be allowing NFTs on its platform soon.
The co-founder of DappRadar Dragos Dunica said that he expects Ethereum to reach $10,000 within Christmas. Dragos hopes that ETH’s rise will be triggered by increasing use of the Ethereum network in the next couple of months, with the growing development of dapps and NFTs.
The Ethereum network is the leading platform for smart contracts. So, an increase in network use will definitely impact its price in the market. Although $10,000 might be the target in the long term, traders are currently focused on seeing the popular cryptocurrency reach that $5,000 mark.
What’s next for Ethereum?
The new all-time high doesn’t mean that ETH’s volatility has vanished. Over the last month, Ethereum’s climb has been rather consistent. It seems like the 2nd most popular cryptocurrency is taking one step at a time to its way up. This is an indication that there are a lot of holders in the market, and investors are reluctant from selling their ETH coins, which indicates sustainable long-term growth.
Popular financial expert Humphrey Yang said that “The best thing you can do with ETH is to set it and forget it”. So, the market is definitely inclined towards that long-term growth.
Investors should also remember that Ethereum 2.0 has gone live last week through the Altair upgrade. How that will impact the current network is still being speculated. For now, the market for ETH still remains bullish and the strong word from investors is to HODL.
ETH is currently sitting at $4,498, with indications that it’s slowly but surely heading towards that $5k mark in the near future.
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