Ethereum recovers $ 4,000 for the first time since May: analysis

Ethereum got $ 4,000 back for the first time since May, amid a burgeoning crypto market as we check out more analysis on our ETH price news today.

Etheruem was the second largest cryptocurrency in the world by market cap when it hit $ 4,000 for the first time since May. The most recent bull run is the result of a second stroke of luck for NFT logs, defi and approval for a bitcoin ETF. Bitcoin is the largest cryptocurrency by market cap, up 3.7% last day and hitting a new all-time high of over $ 65,000 after the first exchange-traded BTC futures fund was shipped, with Exchange and ProShares starting earlier this week Trading Investors have access to BTC without having to buy it in person. The news helped boost the overall market as the total market cap of all cryptocurrencies hit a new all-time high of over $ 2.6 trillion.

Today, Ethereum rebounded $ 4,000 for the first time since May, around the same time Bitcoin hit its previous ATH of $ 64,804. To hit the previous ATH level, the price of ETH doubled in less than 30 days, but the price also fell quickly. In May, ETH fell to $ 2,110 and then the coin spent a few months hovering between $ 2,000 and $ 3,000 before breaking that level in August on blockchain for using smart contracts or self-executing code.

These smart contracts and DeFi applications were built on top of Ethereum to avoid the need for centralized institutions. TVL-banned DeFi apps have grown over time and had a huge spike in October with tVL hitting a new high of $ 99 billion. ETH-based NFTs are the only cryptographic tokens that can be used to prove ownership of digital content as they have proven popular with creators and artists. Bigger players are also starting to notice that auction house Sotheby’s is launching its own Metaverse and 1.4 billion users are also signing up for Coinbase’s NFT platform.

In the past few months, the NFT has taken on a whole different side, with collections like the Bored Ape Yacht Club and CryptoPunks forming a core of new NFT-based communities. Sotheby’s auctioned a collection of NFT’s animated hominid profile photos called the Bored ape Yach Club for $ 24 million.

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