Key Takeaways
- Ethereum made a comeback after its fall in July.
- Ethereum soars again mostly due to the opportunities that opened up in the asset after its novel upgrade.
- Bitcoin falls hard to Ethereum by way of losing market dominance.
There has been a lot of speculation on how investment-worthy ethereum is, and it appears the coin is living to its expectations. Earlier today, Eth made a surge and reached a new height when exchanges indicated it successfully rose to $4,454. Ethereum has appreciated by 46.6% since the inception of October and is currently trading at $4,415 after touching a new high of $4,46. Ever since ETH wobbled low around late July, it has not failed to embark on an aggressive and continuous comeback, increasing about 150% to a fresh mark in its price history.
The upgrade for the Ethereum 2.0 met an unhindered success at its onset, with about 98.7% of its nodal points ending up with an upgrade, too. A successful upgrade was always held as something that would happen if the merger with the mainnet on Ethereum and the proof-of-stake acquisition became a reality.
The exchange platform's continued use of decentralized and non-interchangeable tokens has also driven ethereum's inclined growth. These exchange platforms predict that the current increasing and continued desire and purchase of Ether will be the reason for the smooth sailing of Ethereum in the Fourth Quarter of 2021 and well into next year, too.
This uptrend came with it an increase in Ether's market cap, grossing up to $325,000,000,000. The price surge brought in gains 2.8 times the previous annual percentage, compared to Bitcoin's mere 0.3.
Following the week of bearish trends, Ethereum held up better than Bitcoin as there was a noted increase in the purchase and trade of other coins and a noted relative decrease in that of Bitcoin. With Bitcoin being traded less by up to 10 points, while ethereum stopped at only 6 points less.
Since the sustained fall in the value of ethereum in July, Ethereum itself has also gone through several equally important upgrades of its own, such as the hard fork that occurred in the United Kingdom, particularly London, which brought with it, as part of the fee structure for the network. This burning mechanism is deflationary to the asset. This hard fork went live on August 5th. This burning mechanism is to change by next year, projecting even more popularity for the digital token.
Related post: Ethereum achieved new all-time high levels
Generally, the confidence in the crypto market has been in a very good light recently, after the approval of many Bitcoin assets for their launch on the acclaimed Stock Exchange of New York. Bitcoin not to be left behind also reaches new heights.
With ethereum constantly developing and growing steadily, do you think hitting 10k per unit is possible this year? Don’t forget to share your thoughts in the comment section.
