• bitcoinBitcoin$66,163.003.25%
  • ethereumEthereum$4,214.599.32%
  • ElrondElrond$254.307.42%

Ether Goes Past $4K for First Time Since May, Gets Close to ATH

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:

“The quantity of ETH tokens being locked into DeFi is rising. This is placing added pressure on the supply of the cryptoasset as more tokens become essentially unavailable to the market for trading. ETH staking is growing. Currently, around 7.2 million ETH are staked, which equates to around 6% of ETH tokens, again limiting supply.”

Ether’s cost increased more than fivefold this year, which has pushed its market cap to $471 billion.

Source: CoinDesk.com

Previous articleNext article

Leave a Reply

Your email address will not be published. Required fields are marked *