Ethereum Records Another All-Time High

Ethereum Records Another All-Time High
  • Ethereum brushes off a new all-time high
  • The price of one ETH reached $4,762.84

New week, new highs, that’s the motto of the cryptocurrency market ever since the market sentiment flipped bullish as it entered a state of euphoria. In the past couple of weeks, both Bitcoin and altcoins have registered new highs. 

Ethereum refreshed its November 3rd all-time high of $4,638. On Monday, November 8th, CoinMarketCap clocked the price of one ETH at a new high of $4,762.84, up 7% on the day.

Etheruem’s success was founded on the trends which it managed to successfully commend, starting with ICO’s, DeFi, and NFTs. In 2021, both DeFi and NFTs surged. OpenSea’s NFT marketplace recorded a total of $10 billion in overall sales. 

DeFi, on the other hand, resurged as the NFT hype started to dim down and shift to Solana. According to DeFiLlama, the total value locked on Ethereum has surpassed $180 billion, reaching new highs nearly every day. In addition, Etheruem commands more than 50% of the entire TVL across all chains, showing support for DeFi once more.

Ethereum’s rally is not something to be omitted. Crypto Twitter is ecstatic with each new all-time high. Matthew Hyland posted an image comparing Etheruem’s 2017 bull run to the 2021 instance, predicting the price of one ETH will reach $14,000 as usability and network applicability becomes paramount to parabolic growth. 

Ethereum 2.0 will establish itself as a key element for the development of the new internet. Additionally, U.S.-approved Ethereum ETFs will help prolong ETH’s rally and possibly cause a flippening, something Gen Z’s predict will happen by mid-2022.

Why You Should Care?

Ehtereum has the right foundational elements and support to rightfully support its ascendance and rally to newer highs.

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