Ethereum Reclaimed $4K For The First Time Since May: Analysis

Ethereum reclaimed $4K for the first time since May amid the surging crypto market as we are looking more at the analysis in our ETH price news today.

Etheruem is the world’s second-biggest crypto by market cap as it hit $4000 for the first time since May. Its current price is just over $4000 marking an increase of 4% over the past week. The latest bull run is the result of the second wind for the NFTs, Defi protocols, and the approval for a Bitcoin ETF. Bitcoin as the biggest cryptocurrency by market cap increased by 3.7% in the past day to hit a new all-time high of over $65,000 after the first BTC futures exchange-traded fund, and ProShares started tradign earlier this week, allowing investors to gain exposure to BTC without having to purchase it directly. The news helped boost the entire market with the total market cap of all cryptos reaching a new all-time high of over $2.6 trillion.

Today, Ethereum reclaimed $4K for the first time since May which is around the same time that bitcoin hit its previous ATH of $64,804. to reach its previous ATH, ETH doubled in price in less than 30 days but the price dropped as fast as well. Back in May, ETH was back down to $2110 and the coin then spent a few months bouncing between $2000 and $3000 before breaking thorugh this level in August. The growing popularity of NFTs and Defi projects helped ETH to reassert the market dominance and now ETH is the most popular blockchain to utilize smart contracts or self-executing code.

These smart contracts and DeFi apps have been built atop Ethereum that avoid the need the centralized institutions. The TVL locked-in DeFi apps have increased over time and there has been a surge during October that saw the tVL reach a new high of $99 billion. The ETH-based NFTs are cryptographically unique tokens that can be used to prove ownership over digital content as they proved popular with creators and artists. The bigger players are starting to take notice as well with Sotheby’s auction house launching its own Metaverse and 1.4 billion users signing up for Coinbase’s NFT platform as well.

Over the past few months, NFTs took a whole another dimension with collections like Bored Ape Yacht Club and CryptoPunks forming a nucleus of new communities that are based around NFTs. Sotheby’s auctioned a collection of cartoon ape profile picture NFTs called Bored ape Yach Club for $24 million.

Source: https://www.dcforecasts.com/ethereum-news/ethereum-reclaimed-4k-for-the-first-time-since-may-analysis/