Ethereum Reaches $4,432 Amid Market Cap Growth The recent surge in Ethereum’s price reflects growing institutional interest. For analysis, see Chainalysis Report. > “This bull run differs from 2021,” stated CryptoAnalyst.
Ethereum has rallied 500% year-to-date, with a 9.1% profit in the weekly chart. As seen in the chart by Joe Orsini research director at Eaglebrook Advisors, Ethereum has gone from under $1,000 to its current levels in record time.
Ethereum still has room to continue its upward trend, with a potential catalyst coming from the upcoming Hard Fork Altair. The successful deployment of this upgrade puts the network closer to migrating to a Proof-of-Stake consensus.
Ethereum’s adoption of non-fungible tokens (NFTs) and decentralized finances (DeFi) has contributed to its growth. According to Delphi Digital, a “leverage wipeout in crypto futures” occurred yesterday, causing Ethereum and other major coins to dip to previous higher lows.
The average daily funding rate across exchanges has decreased, but it’s still possible for rates to fall. OI on exchanges like Binance and Huobi experienced a massive wipe