As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, I can confidently say that the recent surge of Ethereum (ETH) to $4,000 is a testament to the maturing cryptocurrency market. With over 10 years of experience in this space, I’ve seen my fair share of ups and downs, but the growth trajectory of ETH today is truly remarkable.
For the initial occasion in over a year, the digital currency Ethereum (ETH) has surpassed the $4,000 mark, making it the second-biggest cryptocurrency to reach this milestone in 2021.
For the very first time ever, on December 5th, the leading digital currency, Bitcoin (BTC), broke through the $100,000 mark in its value.
Ethereum’s market cap has reached $481 billion, reflecting growth of 1.86% over the past. The trading volume is $54 billion.
According to U.Today’s report, Ethereum has surged past the significant resistance point of $3,500, where it usually faces one of its most formidable selling points. Furthermore, Ethereum exhibits a positive trend as suggested by the 50-day Exponential Moving Average crossing above the 200-day Exponential Moving Average.
The total number of quick sell-offs spiked dramatically at $4,000, suggesting a major turning point in price. These sell-offs could act as a catalyst if Ethereum continues to climb, potentially pushing the price beyond $4,000.
Ethereum ETFs attract institutional investors
On Nov. 29, Ethereum ETFs outperformed Bitcoin ETFs in net flows for the first time ever.
Based on figures from Farside, there was a total of $332 million invested into Ethereum ETFs on the 29th of November.
Bitcoin ETFs, on the other hand, have shown net inflows of only $320 million on the same date.
Moreover, Ethereum ETFs showed $132.6 million in net inflows on Dec. 3.
For three days straight now, there has been an increase in investments into Ethereum ETFs, indicating a resurgence of institutional investors’ curiosity towards the cryptocurrency.
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2024-12-06 18:12