Ethereum, the second-largest cryptocurrency, witnessed a major hike in one day. Currently, Ethereum has all the attention of the crypto realms, with its price surge and predictions of more price hikes.
Is it a good time to invest in Ethereum? Should you be buying more Ethereum? Will Ethereum surpass Bitcoin to be the world’s top cryptocurrency?
Our inbox has been getting spammed with all these kinds of questions. And we thought of doing a news article where you get the answers to all your questions.
Ethereum to dominate the crypto world?
The last day alone witnessed a 5% hike in the value of Ethereum which is a big deal. In the last week, there has been growth of 27.5% in its value. All this is leading Ethereum to surpass the 4,000 US dollar threshold.
The top crypto analysts suggest that Ethereum may rise higher. The latest predictions suggest that ETH may hit the 6,000 USD mark by the end of the month July.
The 5% increase is related to the value becoming 3,930 USD. The 27.5% growth that it has witnessed is above Bitcoin which has a 3.8% growth during the same period.
What can be the reason for the Ethereum price surge? You guessed it right. It is the post-ETH approval rally that ETH is making.
For those who missed that news, in the past week, Ethereum ETF won a green signal for the SEC. The top player of the industry has been attempting to get the approval of ETH ETF since the beginning of this year and the approval came out only in May.
Already there have been around ten companies preparing for their ether ETF launch. However, it was reported that there needs to be a second round of approval before the launch of the ETH ETFs.
Responses from the crypto world
Arthur Cheong the founder of DeFinance Capital stated that Ethereum has a high chance of hitting 4,500 USD even before the launch of the ether ETFs. He stated this on May 26 after conducting a public poll on the previous day.
The poll asked his followers about the Ethereum portfolio allocation that they had. The poll received responses from 5,800 people.
The poll result indicated that around half of the total respondents possess an ETH allocation between 0 and 25%. Based on this Cheong was able to comment on the underallocation of Ethereum.
Let us look at the views shared by one of the top crypto analysts Matthew Hyland on Ethereum. He has verified that what Ethereum is facing now is a bullish divergence and also it can be seen as a jump from the downward trend that it has been having.
Along with the trend, there has been an increase in the volume as well. He hints maybe the crypto was on the verge of a breakout.
Anthony Sassano who is one of the most popular Ethereum educators out there suggests that Michael Saylor may make a significant Ethereum investment in the coming months.
Saylor who is the founder of MicroStrategy is estimated to be a crypto whale and his actions in the crypto realm can have a huge impact on the cryptocurrencies.
Ethereum ETF approval impact on Ethereum value
Ethereum has faced many price surges before. It is not the first time that crypto has become the center of all attention. Surely, it is its potential that has helped Ethereum become the second-largest cryptocurrency in the world.
However, the current price trend is due to the ether ETF approval that it got from the SEC.
It was already predicted that the price of Ethereum would shoot up if the approval came out, despite the fact that many were anticipating a rejection of the ETH ETF proposal. Also, it came out at one of the most unexpected times.
Earlier when Bitcoin received the bitcoin ETF approval from the SEC it witnessed a similar price hike.
The bullish trend that took place in the price of Bitcoin after ETF approval has increased its value tremendously.
Ethereum is to follow a similar path, achieving 6,000 USD by July is not that big of a goal. Because Bitcoin prices have escalated above 70% following its ETF approval.
The Bottom Line
Ethereum seems to be on fire and it is not going to go out anywhere in the near future. The increasing prices of Ethereum suggest it is anticipating new ATHs.
Crypto has the potential to soar above the previous records and to engrave itself more deeply into the global financial infrastructure. Also, there can be huge changes in the ecosystem of the crypto.
Recently, the Ethereum layer 2 networks have on their ATH values. Also, the total value of the crypto locked in the decentralized finance is at its all-time peak position.
