It has been an exciting year for Ethereum and the ETH price so far. Now that one Ether is worth over $3,100, one has to wonder where the ceiling will be. It is evident there is still room for further growth, and reaching a five-digit value is not out of the question.
Ethereum Price Boom Continues
It is almost impossible to picture a world where the Ethereum price was below $1,000. Interestingly enough, that price was available to everyone in early January 2021, when Ethereum was trading below $800. Fast forward to today, and that price has nearly quadrupled in a few months. Such a price performance was not necessarily expected, even though it is far from a surprise.
Bitcoin has gone through a bullish period in late 2020 and early 2021, although that momentum has seemingly stalled in recent weeks. When that happens, alternative markets will usually catch up eventually. Ethereum is still going through such a bullish spell right now, taking its price well above $3,100 for the first time. An important milestone for the second-biggest cryptocurrency by market cap.
The rising Ethereum price has allowed this project to achieve a market cap of over $366 billion. Pushing to $400 billion is the next objective, although it may take a while to get there. Bullish markets tend to make investors and speculators get ahead of themselves rather than look at what may or may not be possible in reality. Another 10% increase in price is certainly possible, but it may not happen overnight.
Contributing to the rising Ethereum price are the ongoing network upgrades, the growth of DeFi, and more mainstream recognition. That latter part can play a crucial role in future price proceedings. Tailored toward developers and creators, the Ethereum blockchain provides many benefits and opportunities to explore. As interest in this technology grows, so will the solutions being built on top of it.
Can The Run Continue?
The big question is how high the Ethereum price can go in the coming days and weeks. Canada’s recently launched Ethereum ETF will undoubtedly contribute to the overall demand for ETH. Moreover, there is also the rise of decentralized finance, which primarily occurs on the Ethereum blockchain. Fueling growth across both these segments will prove necessary to keep this price momentum going.
Many people have high hopes for the upcoming Ethereum 2.0 upgrade. Although there is no official launch date for this upgrade capable of solving scaling issues, among other things, expectations are very high. If the upgrade is successful, the ecosystem will become a lot more resilient and versatile. That will, in turn, bring more attention to this ecosystem and what it can be used for.
For now, the Ethereum price expectations are all over the place. Some people claim $50,000 is a realistic price target, although that would give ETH a market cap that is six times higher than Bitcoin’s. Nothing is impossible in this industry, yet that might be a stretch too far. Even so, the coming weeks and months will undoubtedly get very interesting for ETH enthusiasts.
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