Ether is back! The crypto climbed to the $4,000 level and is up around 20% over the previous week. Ether could continue to climb and reach the ATH of $4,300 established on May 12th.
Meanwhile, Bitcoin only registered a 2% rise.
Ethereum went through the long-awaited London hard fork update in August which played a role in pushing the price over $2,900.
Also important in ETH’s price increase was the comeback of NFTs and interest in yield-generating DeFi tokens.
A crypto-asset analyst at multi-asset investment platform eToro, Simon Peters, commented:
Ether’s cost increased more than fivefold this year, which has pushed its market cap to $471 billion.