Ethereum (ETH), regarded by the crypto community as the “king of altcoins,” is finally being talked about in a positive way after being the recipient of negative criticisms as it failed to capitalize on its loudly-hyped “Fusion” update.
The bullish momentum which lifted the total valuation of crypto markets to more than $1 trillion on Thursday has meant that the price charts for digital currencies are all-green.
Based on data from CoingeckoAs of writing this, ETH has changed hands for $1,546. It has seen a 1% increase in value over the past 24 hours. However, it still enjoys a 20% gain for the past week.
In that department, the number one altcoin managed to outperform Bitcoin – something that is rarely seen since the two assets were pitted by the crypto space against each other.
The Ethereum Market Cap is Growing Newly
Ethereum managed to break the critical $1,500 threshold that was so challenging over the previous few weeks. Prior to reaching the spot trading price of $1,500, Ethereum settled for $1,347.
The market for its product is buoyant because of its incredible price pump capitalizationThe value of ETH soared to $186.395 million. ETH ended up becoming more wealthy than $186.395 billion. Its total value on October 25 was just over $164 Billion.
The asset could continue this momentum and enter November with prices closer to the all-time high (ATH).
Recall that Ethereum crossed the $4,878 milestone on November 10, 2021. ETH however lost 68.3% already despite undergoing a significant network upgrade this year.
It’s interesting to see how the Bitcoin rival will end this month of October which is said to be a friendly one for all crypto assets.
Ethereum’s November Predicted Price Surpasses Ethereum
The ETH community is very vocal about its price. predictionFor the cryptocurrency. They have actually predicted in the past that Ethereum would trade at $1.488 by next month.
The digital asset managed to exceed that prediction before October ended. If ETH can maintain its current price over the coming weeks or moves to higher levels in the future, it could experience a price correction that will see it exit November 2022.
The asset’s community will be more than happy to be proven wrong with their prediction as long as they witness a continued bullish trend for Ethereum.
Featured Image from Nairametrics. Chart by TradingView.com| Featured image from Nairametrics, Chart: TradingView.com Disclaimer: This analysis is solely based upon the author's own knowledge.