Ethereum, the second largest cryptocurrency, has passed the $ 2,400 mark and is currently hovering around $ 2,464 at the time of writing CoinMarketCap.
Ethereum’s presence in the crypto space is continuously felt due to its notable milestones. Santiment has taken a closer look at the uptrend in Ethereum and has found that the rally is set at $ 3,000 and beyond. The on-chain metrics provider explained::
“Ethereum The uptrend seems unlimited at the moment. Given that Diamant-Faust-Hodler is excited about today’s $ 2,479, and early-profit employees are baffled, we’ve released free updates on what on-chain metrics might suggest ETH is straight at $ 3,000 Dollars and beyond. “
“Record-breaking Bitcoin and Ethereum mean more opportunities for whales to take big steps.”
The upward trend at ETH was boosted by booming sectors for decentralized financing (DeFi) and non-fungible tokens (NFT) as well as by the introduction of Ethereum 2.0 in December 2020.
ETH 2.0 is seen as a trailblazer trying to transfer the current consensus mechanism for proof of work to a framework for proof of commitment that is touted as being more environmentally friendly and cost-effective. According to reports, the total value set in Ethereum 2.0 recently surged over $ 9 billion.
Ethereum’s daily transactions soar to over $ 12 billion
according to to crypto data provider Documentation from Ethereum:
“In one year, Ethereum grew from $ 373 million a day to over $ 12 billion a day.”
This is due to the fact that the number of active ETH addresses has reached a 3-year high of 34,736 as indicated from the digital asset company Glassnode.
With the total open positions on Ethereum Futures hitting an ATH of $ 8 billion, time will tell if ETH will continue its record moves in 2021.
Market analyst Michael van de Poppe believes it is only a matter of time before Ethereum hits a new high of over $ 4,000 as its market cap of $ 286.6 billion is just a stone’s throw from PayPal’s 312 .95 billion US dollars away.
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