Ethereum is steadily posting new all time highs these days. The second largest digital currency by market capitalization rose almost 3 % earlier today and posted a new high following Bitcoin’s bigger 5% rise to $66k. Both of the top cryptocurrencies have posted this considerable growth and they aren’t largely being followed by the rest of the market.
Ethereum is currently trading hands at $4.73k at press time. It reached a new all time high $4.76k a few hours before and is likely to continue on with its progress. It seems like November is finally warming up and becoming bullish. The cryptocurrency market in general, especially the top coins have been slow in the first week of this month but Monday took off with a bang and that might determine the immediate future of the setup.
The last 24 hours started with Ethereum hovering around $4.61k. The index alternated around that valuation for some time just like it has done for the last few days but after 1 AM in the night, it began to rise sharply. First, it rose to $4.7k, recording a new all time high in the process before moving along further. It reached a maximum value of $4.76k at one point near 6 AM in the morning before coming down slightly to $4.73k at press time.
Going forward, Ethereum has been one of the best performing cryptocurrencies in the last 2 weeks. While it hasn’t reported big daily price increases, it has moved on steadily without any real price pullbacks, something Bitcoin and other altcoins have suffered intermittently. Now, with the digital currency recording new all time highs every other day, it seems like it is in for big gains in the near future as we reach the much anticipated conclusion of the 2020-21 bull run.
Deep inflationary pressures are hurting the conventional sectors of the economy around the world and especially in Europe and America. While much of the rest of the world has had high inflation figures at some point in recent history, the US and Europe have had little to relate to even during the financial crisis of 2008. So, trust on fiat is at an all time low. Nobody is preferring to keep their money in the bank or in cash form. Everyone is investing and cryptocurrencies are another facet of the financial world that is gaining more and more traction these days, even helping people circumnavigate inflation in many cases.
Ethereum, after Bitcoin is the most sought after crypto and has wide-ranging applications built on top of it. That is why as the crypto sector expands, so does Ethereum with it.
Image Source: pixabay.com
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