Ethereum News

Ethereum Price: ETH hits $4,000 again since May

TL;DR Breakdown

  • Ethereum price hits $4,000 for the first time since May.
  • Analysts says new bul run is because of NFT, DeFi,Bitcoin futures ETF.

After many months, Ethereum price has hit $4,000 again as the entire crypto market gains momentum.

The world’s second-largest cryptocurrency by market capitalization (ETH) has struggled to hit the coveted level for weeks until today, breaking the level after a 4 percent in the past week.

Analysts have attributed the recent bull cycle in the crypto market to a second wind for non-fungible tokens (NFTs), DeFi protocols, and the United States’ first Bitcoin futures ETF. The number one cryptocurrency, Bitcoin, also rose by 3.7 percent in the past 24 hours to hit a new all-time high of over $65,000 after the first Bitcoin futures exchange-traded fund, ProShares, began trading earlier this week.

The development has rubbed off positively on the crypto market as the total market cap of all cryptocurrencies has hit a new all-time high of over $2.6 trillion.

Now, Ethereum price has hit its highest since May, around the same time that Bitcoin hit its previous all-time high of $64,804.

Ethereum price: Road to $4,000

Before getting to this level, Ethereum’s price doubled in less than one month as the price slumped and quickly surged again. Around May, the number one altcoin slumped and traded around $2,110.

The coin then spent several months bouncing between $2,000 and $3,000 before finally breaking through $3,000 in early August. Technically, the growing popularity of both NFTs and decentralized finance (DeFi) have helped Ethereum to reassert market dominance.

Through smart contracts, a wealth of decentralized finance apps have been built atop Ethereum that bypass the need for centralized institutions such as banks. The total value locked (TVL) in DeFi apps has increased rapidly over the course of 2021, and a recent surge during October has seen TVL near its all-time high of $99 billion, according to DeFi Pulse.

All these are factors that helped ETH culminate in its recent price level. At press time, it trades at $4,125 with a market cap value of $486,547.

This post was last modified on October 20, 2021 8:51 pm

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

Recent Posts

Polkadot price analysis: DOT presents buying opportunity before $30 ascent

TL;DR Breakdown Polkadot price lowered another 3 percent during the day's trade Price continues to… Read More

January 20, 2022

Intel to bring a specialized Bitcoin mining chip in February 2022

TL;DR Breakdown:  Intel is reportedly releasing a specialized Bitcoin mining chip. It will be an ultra-low-voltage… Read More

January 19, 2022

Crypto friendly Singapore clampdown on crypto ATM services

TL;DR Breakdown Singapore orders crypto ATM providers stops working.Move to regulate crypto advertising to the… Read More

January 19, 2022

GK8, cybersecurity platform reel out new feature to ease integration with layer-1 blockchain

TL;DR Breakdown GK8 reel out additional features to its platform.The new features can enable banks… Read More

January 19, 2022

Monero price analysis: XMR recovers to $208, as support appears

TL;DR Breakdown The Monero price analysis is bullish.Resistance for XMR/USD is present at $214.Support for… Read More

January 19, 2022

Bitcoin Price Analysis: BTC rejects upside at $42,500 again, ready to continue lower?

TL;DR Breakdown Bitcoin price analysis is bearish today.BTC/USD retested $42,500 resistance earlier.Closest support at $41,000.… Read More

January 19, 2022

This website uses cookies.