© Reuters. Ethereum (ETH) Surges 530% Skyrocketing Above $4,700
- ETH soars above $4,700, drawing near to its all-time high of $4,850 on November 10.
- Ether has surged by 530% during 2021, a stronger gain than bitcoin’s doubling in price.
After multiple drops below the price of $ 4,000, Ethereum (ETH) is back to soaring above $4,700 at the time of writing. More so, the crypto is leading the market heading into the monthly candle close. As a result, the token ETH is soaring greatly and has experienced an advance of more than 500% during 2021.
To add on, the crypto world is already buzzing around the hype of the new record highs since its fall in October. Thus, some Ethereum supporters believe the cryptocurrency could be on its way to $5,000 by the end of the year.
Ethereum’s latest new all-time high, hit when its price went over $4,850 on Nov. 10. In detail, the move is driven in part by growth prospects for the blockchain platform from a sharper focus on the metaverse. Specifically, Facebook (NASDAQ:FB), now named Meta, ramped up its commitment to expand in the online, 3-D space.
More so, institutional investors pushed $23 million into ethereum products last week. Also, logging the fifth consecutive week of inflows. On the other hand, BTC is mostly consolidating. Should ETH enjoy a strong Monthly Close, it could lift BTC up with it heading into December.
BTC and Ethereum had both been at or near their all-time highs before this recent decline, with Bitcoin setting a new all-time high of over $68,000 in November as well.
The Ethereum blockchain is home to applications such as nonfungible tokens (NFTs) and decentralized finance (DeFi). It’s also an open-source blockchain, meaning developers can create new applications on Ethereum’s network.
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