2021-11-4 17:52 |
Ethereum (ETH/USD) price made a bullish breakout on Tuesday as demand for cryptocurrency prices rose. Ether jumped to $4,482, which was its highest level on record. This rally brings its total market capitalization to more than $527 billion.
Ether soars to recordEthereum is a blockchain project that enables people to develop their own decentralized applications (DAPPs) and organizations (DAOs). Today, the network has become the most important part of the decentralized industry.
For example, Ethereum is the market leader in the Decentralized Finance (DeFi) industry. It has more than 150 applications that have a total value locked (TVL) of more than $160 billion. This is notable since the industry was virtually inexistent a few years ago.
Ethereum has also been used to build some of the most popular cryptocurrencies. For example, it was used by the developers of Decentraland and Shiba Inu platforms. These projects have become relatively popular in the past few weeks.
Ethereum, because of Decentraland, has become a leading player in the so-called metaverse. This is an industry where people create virtual items and then sell them in form of non-fungible tokens (NFTs). The industry was touted substantially last week when Facebook announced that it will rebrand to become Meta.
Ethereum has also become a major player in the NFT industry. For example, it has been used to build some of the biggest NFT platforms in the world. Some of these platforms are OpenSea, one of the biggest platforms in the industry.
All this has happened at a time when Ethereum is going through challenges and having more competitors. Platforms like Avalanche, Solana, and Terra offer products that are significantly faster, secure, and more efficient than Ethereum. At the same time, Ethereum’s network is substantially mor expensive than others.
Still, analysts believe that Ethereum price will do well in the coming months as developers transition it to a proof-of-stake network. Also, the chatter of an Ethereum ETF will be a catalyst.
Ethereum price predictionThe daily chart shows that the Ethereum price has been in a strong bullish trend in the past few weeks. And today, it managed to soar above its all-time high as demand for the token rose. It is also beling supported by the 25-day and 50-day moving averages and oscillators.
Therefore, the ETH price will likely keep rising as bulls start targeting the next ky resistance level at $5,000.
The post Ethereum price prediction after hitting its all-time high appeared first on Invezz.
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