Investing.com – Between the disappointment of the cryptocurrency market and Elon Musk’s Dogecoin, and the not-so-new attacks by the US Stock Exchange on digital currencies.
Through the attack from the Bank of England on the cryptocurrency market, digital currencies are under many pressures.
However, amid all these pressures, it seems that the luster of that currency has surpassed everyone and set out to achieve targets.
It increased during those moments of Sunday’s trading by more than 12%, approaching the $ 4,000 high, while trading at its highest levels ever.
The market value of Ethereum, the largest alternative currency and the second largest after the digital currency, jumped to more than $ 457 billion.
Some days ago, the market value of Ethereum did not exceed 14% of the market value of the digital currency market, while now it is close to 20%.
In contrast, the calm and weakness of the first digital currency, Bitcoin, is still hovering in the orbit of levels between $ 53,000 and less than $ 60,000.
Bitcoin is now trading at levels of $ 58,000 with a slight drop during the past 24 hours’ trading, while its market value is $ 1.085 trillion,
Bitcoin holds 45% of the cryptocurrency market’s market value of about $ 2,428 trillion.
The goal is getting close
Nigel Green, CEO and founder of deVere Group, laid out an accurate and ambitious Ethereum price prediction in a note last Monday cited.
The CEO and founder of the deVere Group said Ether is one of the main beneficiaries of the biggest explosion in the cryptocurrency market.
Green added the boom in the past few months has been driven by growing interest from large institutional investors and a growing recognition that digital currencies without borders are the future of money.
Green predicts that this momentum should get stronger in the short term and I think Ether will reach $ 5,000 within seven days.
Green’s expectations came when Ethereum was at $ 3230 levels, meaning that the increase will be approximately 55% by tomorrow, Monday.
Why did you go up?
Analysts see several factors supporting Ethereum’s rally, and one of the latest catalysts is a proposed EIB bank bond released on the Ethereum blockchain.
So is the success of NFTs as an engine of spike, as most of these non-exchangeable tokens are released via the Ethereum blockchain.
This is in addition to the possibility of updates to the Ethereum network, which should further highlight its advantages over Bitcoin, according to analysts.
Analysts argue that while Bitcoin is at best a store of value and an ineffective currency, Ethereum relies on a more efficient and flexible technology that serves as the basis for many cryptocurrency projects.
Bitcoin’s record highs coincide with the debilitating condition that hits Bitcoin’s first digital currency dealings.
While Bitcoin is unable to surpass the $ 60,000 hurdle levels, Ethereum faces renewed support in breaching record levels day after day.
The article does not express a recommendation or a nomination, but rather a monitoring of market fluctuations, as trading in digital currencies involves high risks, including the risk of losing some or all of the investment amount, noting that they are not completely subject to financial authorities and markets.