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Ethereum’s crypto token surpassed the US$ 4.3K-mark for the first time on Wednesday (2:45AM EST), May 12, days after achieving the US$ 4K milestone on May 10.
Ether witnessed one of the biggest surges of the year and gained as much as 12 per cent to hit a record high of US$ 4,317.1 apiece in one-day trading session on Wednesday morning.
The second-largest crypto token currently has a market cap of more than half of a trillion (as of May 12). Ether’s one-day volume stands at US$ 66 billion, outperforming its rival virtual currency Bitcoin’s one-day trade value of US$ 65 billion.
The token has zoomed as much as 467 per cent year-to-date (YTD), almost five times up against bitcoin’s YTD growth of 97 per cent.
Ether’s Price Predictions
When Ether touched a value of nearly US$ 1,300 apiece earlier this year, crypto analysts anticipated that it would hit US$ 3,000 in 2021. A digital-asset investment firm has now raised its price target to the range of US$ 8,000 to US$ 10,000 per Ether this year.
If Ether matches the above prediction, its market cap would reach US$ 1 trillion. In that case, Ethereum will be the second blockchain network to achieve a US$ 1 trillion landmark after Bitcoin.
The leading decentralized finance (DeFi) platform of the Ethereum blockchain is expected to create more buzz on the back of ‘Ethereum 2.0’ deployment.
Crypto investors seem to be more bullish on Ethereum’s coin than analysts, and expect Ether to cross the US$ 40K-mark this year. They have some solid fundamentals behind their estimations, such as a boom in decentralized applications (DApps), DeFi adoptions among fintech companies, and evolving Non-fungible Tokens (NFTs).
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Meanwhile, miners of the moon-bound Ethereum continue to face high gas prices and congestion issues. Its supply circulation is gradually rising despite destroying extra tokens, and it stands at 115.82 million coins.
Ether Beats Volatility In 2021
Ether is one of the stablecoins that has performed comparatively better than its peers amid the volatile market this year.
In contrast, altcoins like Dogecoin, Safemoon and NFT Art Finance have been making noise for the last few months but are witnessing volatility in the range of +30 per cent to -30 per cent. Hence, digital asset managers prefer to invest in stable tokens like Ether.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from investment point of view.
