Ethereum momentary moved over US$4,000 on Friday night due to the month-long surge surrounding crucial updates and the constant expansion of need for non-fungible tokens.
On Friday, the second largest cryptocurrency surged to US$4,027, and then fell back. As of 12:06 pm on Saturday in Hong Kong, its price was US$3,914. The earlier transaction price was only attained in May. Since the end of July, Ethereum has risen by more than 50%, and the London update of the Ethereum network at the beginning of last month decreased the rise in supply.
As of September 4 (12:12 PM IST), the price of Ether in India was rs. 35.02 million.
The Fundstrat crypto team wrote: “Since the EIP1559 update a month ago, more than $ 180,000 ETH (equivalent to more than $ 700 million or roughly Rs 5,109 crore, calculated at market prices) has been burned, causing the Ethereum supply to continue being Faced with deflationary pressure” In Friday’s notes.
Due to renewed interest in decentralized finance or DeFi and NFT, Ethereum has also performed well most of whom use the Ethereum network. In particular, NFT rose, and sales of OpenSea, the main market, increased more than 10 times in August compared to the previous month.
Many cryptocurrencies have done well.
According to data from Coingecko.com, Solana – now the seventh most big cryptocurrency-has risen 68% in the last 7 days, and Polkadot has surged 27%. CoinGecko data reveals that after bottoming out on May 20 to 1.24 trillion U.S. dollars (approximately 905.13 million rupees), the total market value of cryptocurrency was 2.36 trillion U.S. dollars (approximately 172,267.37 billion rupees).
Martha Reyes-Hulme, Head of Digital Asset Brokerage and Exchange Research at Bequant, said in a report on Friday: The breakthrough of Ethereum went on overnight, reaching the last level in May of this year, and gradually Descend to Cardano, Ripple and Polkadot.”.
Bitcoin has yet to see gains in its smaller currency pairs, although it has recently had achievement, again surpassing $50,000 on Thursday. After spending more than a week just below the critical level of whole numbers, it has been close to that level since then.
“Holding 50,000 USD, I expect Bitcoin to rise again to 60,000 USD (approximately 43,79,700 rupees) and match the April highs,” explained Antoni Trenchev, co-founder of cryptocurrency lender Nexo. But Bitcoin “expects to start closing at over $ 50,000 (roughly Rs 364.97 crore) and ease in the early 50s to ease people’s concerns that this is a double top. $ 30,000 (approximately Rs 218.98 crore))., “He said.