Ethereum (ETH) has stamped its authority in the crypto space as its network is continuously being embraced. The second-largest cryptocurrency based on market capitalization is up by 8.48% in the last 24 hours and is trading at $1,163 at press time, according to CoinMarketCap.
Crypto analyst Michael van de Poppe has disclosed that ETH is doing quite well on the BTC pair and is set for a ballistic move in late 2021. He noted:
“Ethereum is looking great on the BTC pair. Some more compression going on, but the trend is up. It’s ready to go ballistic at a later stage of 2021.”
Ethereum has enjoyed an impressive bull run thanks to the booming decentralized finance (DeFi) sector and the launch of ETH 2.0 in December 2020. Ethereum 2.0 seeks to replace the proof-of-work consensus mechanism with a proof-of-stake as the latter is touted to be more environmentally friendly.
Ethereum smashes the $1,000 level
More traction on the Ethereum network saw the $1,000 mark breached in recent weeks, and the current price of $1,154 moves it closer to the all-time high (ATH) of $1,400. This price surge recently made ETH get ranked 9th in market valuation among leading global banks.
“The altcoin market capitalization is looking super bright here. Currently, we should be resting on the $200 billion areas for support. As long as that holds, the next altcoin run will bring the market towards $440 and $550 billion.”
Therefore, it looks like it is a matter of time before Ethereum’s price surges higher because veteran Wall Street trader Raoul Pal recently stipulated that Ethereum’s price could go to the moon and reach $20,000, based on Metcalfe’s Law.
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