Ethereum is rising and getting close to 5k

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(Edited)

The price of Ethereum rose significantly today, reaching about 4,700 dollars, with a daily increase of 3%, and a weekly increase that exceeded Bitcoin by about 10%.

While Bitcoin rose to reach the price of 66 thousand dollars, Ethereum also joined it, exceeding the Ethereum market cap of half a trillion dollars, and with this significant rise, Ethereum moved far away from its nearest competitor, the Binance currency, with about 400 billion dollars.

Despite the high price of Ethereum, it was accompanied by a significant decrease in the gas price, reaching less than $40 on average, according to Etherscan, which heralds a good start for the Ethereum modernization, which aims largely to control the rise in gas.

With Ethereum approaching $ 5 thousand, surpassing this barrier will only be the beginning of Ethereum, which is expected to reach $ 10 thousand by the end of the year or the beginning of this new year, and the ETH Dominance approached 20% after its market cap, as we mentioned, reached 560 Billion dollar .

Reasons that pushed Ethereum to the top

In my view, the rise of Ethereum has several reasons, the first of which is the large price hike of Bitcoin yesterday, but it is not the only reason. Although the rise of Bitcoin is usually accompanied by the rise of Ethereum, there are many factors that contributed to this as well, including the new update of Ethereum, which began to achieve positive and satisfactory results. for investors.

And secondly, the growth of NFTs that are based on smart contracts based on the Ethereum blockchain. We have recently seen the boom of the Axie game and how it has attracted millions of players in a short period.

Finally, it seems that the burning is bearing fruit, as nearly 800,000 Ethereum was burned, with a value of nearly $3 billion, which caused a significant price push in the recent period.

And we are still waiting for a lot from the second digital currency in the world of Blockchain....

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