Even as bitcoin appears to be slowing down, ethereum seems to have taken over the reins and is riding straight for the moon, but will it keep going or slow down?
Ethereum seems to be the one looked on as the one with the strongest altcoin performance this year!
Major Updates
- Ethereum recently broke through $4k.
- According to some analysts, it could go higher.
- The coming upgrade in July could have an impact on its price.
- It is currently experiencing a lot of volume on Google trends.
Ethereum has made a lot of gains this year but not as much as people expected. At the beginning of the year, it was being pegged to reach $10,000. There was a lot of bullish sentiment on the altcoin.
But then, as its gas fees gradually soared till it was too expensive to pay. Defi users and apps switched over to less expensive Defi platforms like Solana, Polkadot, Cardano, Matic, and many other layer one and layer two cheaper solutions.
Ethereum seemed stuck in a rut at the $1,500 to the $2,000 level. But gradually the ethereum team got together and began tackling the problem. They proposed solutions through various upgrades and solutions like optimism etc. Gradually the price began to pick up especially after the Berlin upgrade.
Ether prices have been on the rise recently, breaking through $4,000 for the first time late last night and trading mostly north of that amount since.
Early this afternoon, the digital currency climbed to a new high of $4,213.46.
Popular Youtuber and crypto enthusiast, Ben Armstrong is also known as Bitboy crypto expected the price of Ethereum to go much higher than it currently is in the short, medium, and long term.
He made his remarks about ETH saying that although it seemed that his earlier prediction on ethereum was late, we are still on track. As at when he was making these comments, ethereum had just hit $3,500 and was on its way to $4,000. He also said that by the middle of June, he was expecting ethereum to hit $5,000. Speaking about the long term he gave projections for $10,000 by august and double that before Halloween.
Lark Davis, another well-known crypto analyst, and YouTuber who is enthusiastic about Ethereum, also stood with an ethereum rally. He restated his conviction that the Ethereum price would reach $10,000 this year.
Ethereum's market capitalization has risen to $467 million, putting it on track to overtake JPMorgan Chase. After Friday's end, the largest US bank is now worth $488 billion. It also appears that it is trending on Google search as the searches on ethereum are at the highest levels.
Conclusion
One of ethereum's next upgrades will burn some of its tokens, reducing the quantity of ETH in circulation and driving up demand. With many more upgrades lined up for ethereum no wonder, the price is soaring.
This compared to its being one of the cryptocurrencies with the most use is instrumental in its price gain. Not only the DeFi world but the popular NFTs which are big now. That's two of the biggest and most popular things in the world of cryptocurrencies that depend on this platform. All these are signs that point to Ethereum possibly riding this rally wave higher than it currently is. Ethereum is currently trading above $4,000.
Question of the day
Are you bullish on Ethereum? Let us know in the comments.
