Media Release
Jan 28: A resurgent crypto market has recorded a boost in the price of Ethereum (ether) at an all-time high. According to CoinMarketCap's price index, Ethereum has reached more than $4,700 as of Tuesday and is pushing the total crypto market value over $2.7 trillion. Crypto’s second-biggest currency has now hit several new all-time highs and closed the week with a value of $4,500 on Friday.
From Ethereum price tracker’s projection, Ethereum’s value rise follows Bitcoin's new all-time high of $66,974. Both Crypto price surge follows the debut of the new NYSE Bitcoin ETF. Based on the new price of Bitcoin and Ethereum, experts advise that investors should stick with the top coins over smaller coins, as both surged following the launch of the exchange-traded fund.
Due to the increased use of Ethereum's blockchain network, used to transact NFT and buy decentralized applications, as well as the expectations that Ethereum will be essential for any future metaverse being created by big companies, the token has witnessed an increase in value.
The BTC market is a hot topic at the moment, but it's ETH's moves that have kept me busy, said Dragos Dunica, Co-founder of DappRadar. Because DappRadar is one of Ethereum’s leading smart contract platforms, the value of the token is directly impacted by the growth of dapps across the most active categories such as DeFi, NFTs, and gaming.
Ethereum's usage is at its all-time high, and that's great news for the brand. We might see Ethereum’s value hit $10,000 by the end of the year.
Role of the investor
Experts recommend investors should ignore the ups and downs of these coins just as they do with long-term investments. The recent price spike does not mean Ethereum's volatility has subsided.
When it comes to owning these coins, the real question is: Will they continue to undergo combined exponential growth? The fundamentals of cryptocurrency tell me no," says Jeremy Schnieder, Personal Finance Club Investment Expert.
As there's no guarantee that any cryptocurrency will increase in value, experts advise you not to invest more than 5% of your value in crypto. Investing shouldn't come at the cost of not paying off high-interest debt or keeping retirement funds.
You should ignore the hype surrounding new record highs and lows if you have met all of those benchmarks. According to Humphrey Yang, Humphrey Talks finance expert, the best long-term investment strategy is to set it and forget it. Away from this, the importance of trading at a top platform with the right tools and app, including Bitcoin Revolution app, cannot be ignored.
Ether’s upward Trajectory
Since the 2017 bull market, the cryptocurrency industry has significantly changed due to more institutional investors arriving in the market with huge bankrolls. However, this is a development to keep an eye on as the market tries to finish strongly in 2021.
Additionally, Ethereum's price has also been rising because the number of tokens set at the Eth2 staking contract has overtaken 8 million since eth’s inception, which is what is draining the supply and putting positive pressure on the price.
As the price of BTC has gone past its downtrend since last week, investors are aiming to push it back to its previous high price of $67,000.
Since historical data shows that November and December are mostly peak performance months for Bitcoin, the push by investors for the trend in Bitcoin to remain is mainly a result of increased traders’ confidence in the market.
In addition, several leading cryptocurrencies also recorded new highs such as Polkadot (DOT), while bitcoin recently reached a new high of recent. Several crypto analysts had predicted that BTC and other cryptocurrencies would break the market records by the end of 2021.
Conclusion
While you prepare your wallets for a busy two months in the crypto industry, understand that other crypto coins will be taking advantage of the sudden increase to improve their price. If you cannot afford any of these famous coins, you can target other smaller coins.