Among over 11,000 crypto coins, Ethereum (ETH) is the world’s second most valuable cryptocurrency. It is a decentralized computing platform that uses Ether (ETH) to pay transaction fees (or “gas”) through smart contracts programmable scripts that facilitate the flow of digital assets. Ethereum was launched by Vitalik Buterin on July 30, 2015, to change the organizational structures of financial services and crowdfunding by expanding the use cases of blockchain and cryptocurrency to incorporate all manner of decentralized apps beyond Bitcoin’s initial scope. Ethereum is used by developers to run apps—decentralized applications, through which they provide new crypto assets called Ethereum tokens. Ether (ETH) also offers an incentive structure similar to Bitcoin’s in securing and maintaining the network against inefficient code and attacks by malicious actors. ETH-based inventions include stable coins—which are pegged to the dollar by a smart contract, Defi—decentralized finance applications, and other decentralized applications (dapps).
Ethereum Circulating Supply Depleting At Rapid Pace
The overall circulating supply of Ethereum is at a lower percentage and this could continuously drive ETH prices higher to target bigger aspirations. It is recorded that above 50% of Ethereum total supply has not been moved in since this year and since 1st, October, 20% of ETH supply has been recorded as being active. According to crypto analysts, the following factors contributed to the overall circulating supply limitations of Ether. As the major player in terms of smart contract development on its network over the past few years, a large amount of Ether got placed in the smart contracts on the network, with almost 27% ($143 billion ETH) of its supply. Out of the percentage of Ethereum placed in smart contracts, 77% are locked in decentralized finance (DeFi).
Ethereum On The Rise
As the world’s second most valuable cryptocurrency by market capitalization, Ethereum continues to pave the way in terms of price performance. It has risen in price by more than 500% compared to a 96% rise for Bitcoin in 2021 and currently has a market cap roughly half that of bitcoins.
Ethereum has traded in a competitively strong correlation to Bitcoin, both on the plunge late last week and on this week’s recovery, and for the first time in the history of crypto, bitcoin has been surpassed in a key transaction and trading metric. Learn more about the process of buying ethereum using PayPal.
According to data gathered by crypto analytics firm Sentiment, a crypto trading price rally on Tuesday 29 Nov saw ETH (ether) exceed BTC for the number of daily active addresses. Reasons have been that Ethereum fees dropped to the lowest levels in six months.
Bitcoin trading price declined drastically to a greater degree following Friday’s 25 Nov 2021 variant-driven decline and has more work to do to make up for previous losses. On the other hand, Ether (ETH) trading price increased and ended Tuesday 29 Nov 2021 with its fourth straight day of gains, trading above $4,600, according to Coin Desk’s data.
Ethereum Price Rally
The price of Ethereum has risen above 8% in the past few days. ETH rallied by 4.16% on Nov 30, following a 3.51% gain on Nov 29, and ended the day at $4,635. Ethereum’s current trading price at $4,550 appears to be bullish on all time frames, having brushed aside the weekend’s price slide below $4,000 with ease.
A few days ago before Moderna shook global markets with fears about vaccine efficacy for the new Covid-19 variant, Ethereum was rising towards its all-time high of $4,860.
Ethereum price set sights on $6,340
On October 20, ETH sliced below the neckline at $3,971 and was faced with the challenge of reaching the dizzying heights of 2017 and 2018. According to the ETH BTC chart by TradingView, both the underlying fundamentals and technical of Ethereum point to a bullish future. From the neckline of the governing pattern, the ETH price presented a target upswing toward $6,340 and with the coin’s price above the neckline, the bullish forecast remains on the radar.
Following a rather bearish week last week among most major cryptocurrencies, investors in most digital currencies are seeing tremendous interest resume as Bitcoin is dying, Ethereum and Dogecoin surged 2.3%, 8.5%, and 3%, respectively. The crypto gains over the week brushed off most of the losses seen in the crypto market from last Friday’s variant-driven. Bitcoin, Ethereum, and Dogecoin suddenly rose to 2.3%, 8.5%, and 3%, respectively as of Nov 30, and based on this, the bullish belief among growth investors appears to be winning out.
Note: Investors need to understand that the current ETH price reclaimed the 21-day SMA—Simple Moving Average at $4,373 as support, adding energy to a potential recovery. There is a need for ETH to overcome the footholds of November 16 & 15 highs at $4,553 and $4,757 respectively before attempting to reach its record high at $4,880.
Ethereum reaches its all-time high in Bitcoin
For the past few days, Ethereum (ETH) trading price increased by 2% of its all-time high, and on Dec. 2, the world’s second most valuable cryptocurrency by market capitalization reached its highest price in Bitcoin (BTC) terms since May 2018. For Ether to hit 0.0835 in its BTC pair represents a 229% gain for 2021.
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