The crypto world has been in turmoil following the crackdown against Bitcoin and a series of other events that have sent the prices of various cryptocurrencies plummeting. Bitcoin leads other cryptocurrencies in the market, it is the most valued cryptocurrency, and a rise or fall in its price affects other cryptocurrencies either to a large extent or a small extent. For instance, over $300 billion has been wiped off the crypto market following the series of crackdowns from Chinese regulators.
Irrespective of these factors that are bent on setting the crypto market ablaze and bring it down to nothing, there are still quite a handful of other coins that have performed and are performing better than Bitcoin. One of such coins is Ether, mostly referred to as Ethereum, the eponymous network on which it is based.
Ethereum is the most popular cryptocurrency after Bitcoin and is as widely accepted and celebrated as much as Bitcoin. Currently, one Ether is worth about $2600 and analysts believe that it has potentials of hitting $5,500 in the shortest possible time.
Here are some of the reasons why Ethereum might meet (and maybe surpass) the $5,500 milestone.
Ethereum saw a better week than Bitcoin as it has been recovering for days now. On Sunday, it crossed the $2,600 and is priced at a little over that amount. It was trading at $2616.42 after surging 12.2 percent.
Apart from the above point, indicators show that people, in the past few months, have been buying additional Ethereum tokens with the hope that it would surge.
Another indicator is that the amount of staked Ether, as well as the ones locked in DeFi, has also risen quite astronomically over the recent few weeks implying that the Ether tokens bring withdrawn from exchange platforms are not going to be idle and that these set of investors are trying to play it safe.
A small group of investors and analysts believe that Ether could go ahead of Bitcoin to become the market leader. judging from the above reasons, ETH’s bull run is on. $5,500 is quite a feasible milestone for Ethereum, judging from the aforementioned reasons.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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