Originally published on: November 10, 2024
Ethereum, the second-largest cryptocurrency by market capitalization, reached a new milestone on Nov. 10 by surging to $3,200, marking its highest value since August. This surge came as Bitcoin soared past $79,000 following the US presidential election results.
With a market cap of around $383 billion, Ether (ETH) has experienced a nearly 5% increase in the span of just one day. This puts Ethereum’s market cap approximately $40 billion above that of Bank of America.
This significant increase in ETH’s value compared to Bank of America indicates a shift in the dynamics of the financial market. The growing adoption and expansion of blockchain technology are starting to outpace traditional finance (TradFi), highlighting the rising popularity of decentralized finance (DeFi) and crypto assets. The US Securities and Exchange Commission is even considering listing the first options tied to spot ETH exchange-traded funds (ETFs).
ETH has seen its most substantial weekly price movement since May, with Bitcoin’s price steadily pushing towards new all-time highs (ATHs). However, over the past week, the supply of ETH has been growing rapidly at a rate of 0.424% annually, shifting from its previous deflationary trend in early-to-mid October.
Despite this, there is optimism among crypto analysts for further price increases in the future, with some predicting a new ATH for Ethereum soon. This bullish sentiment is reflected in expectations that ETH could break the $4,000 barrier and possibly even exceed $4,300 before experiencing a pullback.
In a recent development, Vitalik Buterin, the co-founder of Ethereum, introduced the concept of “info finance.” This innovative concept revolves around obtaining crucial information from market participants optimally through prediction markets, fostering a transparent and unbiased sharing of insights about future events within the community.
As Ethereum continues to make waves in the crypto space and beyond, its progress and advancements are reshaping the financial landscape and paving the way for new opportunities and possibilities in the world of decentralized finance.
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