London, UK, 4 Sep 2021, ZEX PR WIRE – Ether prices have risen jumping over 30% due to a number of factors, including key upgrades in the DeFi and NFT space. Tony Nikolau, a broker from Victoria-Coins says there was also an update on FTX which has gained traction among traders as it continues developing within this nascent industry
Ether traded above $3,700 resulting in gains over 30%, according to recent reports. This positive price movement is attributed not only by analysts for being fueled by several different reasons but there are updates regarding other currencies listed under decentralized finance (DeF) or non-fungible tokens (NFT). The token called ‘ftx’ that ranks 490th with market capitalization at around 5 million dollars grew substantially after their roadmap came out showing they will continue working diligently together towards further development. Ether was the only cryptocurrency mentioned throughout the report, but this should be a good piece of news for all cryptocurrencies which can be monitored under a bear market.
The most recent rally for Ethereum is due to its network’s EIP 1559 upgrade, which reduced the supply of the token by decreasing block rewards. This growth in decentralized finance and no fungible tokens has helped push up prices as well.
Despite the slight drop in price, Bitcoin has been trading slightly sideways. The largest cryptocurrency was up roughly 3% for a 24 hour period recently and it traded at $48,600 according to data from crypto information platform Messari.
Despite the fact that Bitcoin has risen by 23% over the past 30 days, it is unclear if this means anything. One crypto trader believes there are levels to watch on the topside and points out $49,300 as one of these areas. However, another crypto trader disagrees with this sentiment saying a break above last week’s high at 50k will likely lead BTC towards 57k USD next.
With the recent drop in volatility, it looks like we may be building up to sustainable rallies. However, with traders coming back from summer vacations and everyone returning to their desks this September is sure to bring increased activity and heightened volatility as well.
Ether is on track to potentially breach the $4,000 resistance level. This will be a catalyst for an uptrend as long as the volume and large transactions of ether remain stable. The number of addresses with holdings in ether for over one year has been reaching an all-time high which shows positive sentiment among investors.
Ether has been on a tear recently, due to the implementation of EIP 1559. The reduction in supply is fueling price rallies for ether tokens. According to one analyst at eToro: “With Ethereum’s recent burn rates resulting in over $561 million burnt away from circulation, there’s no basis formed for increased accumulation by investors.”
Other Cryptocurrency to look out for:
-The blockchain platform Fantom announced an incentive program to distribute 370 million FTM tokens to protocols developed on the network. This news caused FTX’s token price rose by more than 30% within 24 hours, reaching $0.97 as of Tuesday afternoon EST time zone.
-The cryptocurrency exchange FTX has gained over 30$ today due its recent acquisition plan with Ledgerx – a US regulated crypto derivative trading market which will allow it to roll out futures products for Bitcoin and possibly other cryptocurrencies in 2019 or 2020 but this is not yet confirmed officially .
-The cryptocurrency Solana, which is associated with the smart-contract blockchain system, was recently trading at $113. This number more than tripled that in August 2018 when investors were betting on blockchain considered Ethereum’s competitors.
Another important factor that may be influencing Ethereum’s rise is increased adoption in several different gaming platforms that are using ether for transactions. The Singapore-based TronBet casino recently launched a 1vs1 “Etheroll clone” called Etheroll Redux which uses both TRON and ethereum for betting, while the game takes place on the Ethereum Blockchain. The use of this play money game has led to higher digital currency adoption due to the heightened interest in the platform.
Ethereum’s market cap is now at almost $49 billion which nearly doubles that of XRP and Litecoin, respectively. At press time, its price has exceeded $150 per token to reach a total valuation of about $8B – just under Bitcoin’s current valuation of around $10.5B as well as ethereum classic’s 10th-place standing with a price of 21 cents per unit and a capital value of just over $1 billion.
In conclusion: Ethereum is on track to potentially breach the resistance level at $4,000 soon – this will be a major catalyst for an uptrend as long as volumes and strong activity remain stable. If you want to invest in Ether or any other crypto currencies you can do so by opening an account at eToro you will get $20 free to start trading, furthermore, you can use your referral code and earn yourself another $50 once the person signs up and buy their first crypto currency.
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