Skip to content

Ethereum hits an all-time high as $170 billion inflows to ETH in a month

Ethereum hits an all-time high as $170 billion inflows to ETH in a month

Ethereum (ETH), the second-largest cryptocurrency in the world in terms of market capitalization, hit a new all-time high of $4,400 on Friday, October 29, 2021. 

This is noteworthy given that the decentralized asset returned over $4,000 on Thursday, and the price of ETH has lately sustained a bullish run. After plunging to about $1,780 on July 21, the cryptocurrency has now increased by roughly 147 %. 

It’s worth mentioning that the overall market value of Ethereum was $335.8 on September 29, indicating that the network has experienced an inflow of more than $170 billion in the last month, with the market capitalization now standing at $506.4 billion on October 29. 

Currently, ETH is now changing hands at $4,352, up 5% in the last 24 hours and up 5.17% during the previous seven days, thus continuing its performance relative to Bitcoin, according to CoinMarketCap.com statistics.

Ethereum 1 month price chart. Source: CoinMarketCap.com

Ethereum 2.0 upgrade

The recent performance of Ethereum has led to prominent trading analyst Michael van de Poppe’s considers that Ethereum will go to $10,000 this cycle, whereas certified technical analyst CryptoBirb sees more like $20,000.

Additionally, the expert analysts point to continued growth in demand for Ether in the future, assuring that the cryptocurrency’s optimistic prognosis continues until Q4 2021 and maybe even beyond that date. In the Ethereum blockchain, the domains of decentralized finance (DeFi) and non-fungible tokens (NFTs) are two of the fastest-growing, and their use is also a significant contributor to the platform’s development. 

The recent Ethereum 2.0 Altair Beacon Chain upgrade was also a success, with 98.7 percent of the nodes having been updated at the time of the launch. Altair’s successful Beacon Chain update was widely seen as a significant step forward in the development of Ethereum 2.0, which would eventually transition to a proof-of-stake consensus mechanism and be integrated into the Ethereum mainnet. 

Meanwhile, as part of the London Hard Fork in July, a deflationary burning mechanism was added to the asset as part of the network’s fee structure, as well as other substantial alterations.

[coinbase]

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account? Sign In

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.