- Ethereum just hit a 24-hour high of $4000, for the first time since May’s bull market.
- The Crypto Sphere is ecstatic, and expects to see new ATHs.
- Many believe that the rise in smart contract platforms’ currencies is due to interest in NFTs.
Ethereum has started off September with a bang, one that’s loud enough to take it up to $4000. That’s right, September 3rd saw the second largest crypto go up to highs of $4000, and the crypto sphere is ecstatic.
Eth is high but the vibes are chill. To celebrate, we’re kicking off the long weekend with a surprise for #CryptoTwitter…
— Playboy (@Playboy) September 3, 2021
The only question that remains is where to now?
Since the high during early morning Saturday, the currency has gone a bit lower, settling at $3916 at news time. With a 21% growth this week alone, should we expect new ATHs from the crypto?
Its last ATH was in May, at $4362, following which the crypto market suffered a crash causing a trillion dollars worth of damage. Now, it only stands about 10% short of that.
Many believe that the rise in ETH and in other smart contract platforms’ governing currencies, is because of the rise of the NFT craze. As earlier believed by some that the NFT trend was going to be short-lived turned out to be false, more and more people began to invest in these digital assets.
Jonas Luethy, a sales trader at London-based digital asset broker Global Block wrote:
The NFT market is still going strong.
He was referring to the record NFT sales of $900 million last month as the biggest catalyst behind sol and ether’s growth.
In light of the increase of executive level individuals getting involved in crypto, it seems likely that Ethereum will outperform this year.