The second most popular cryptocurrency in the world by market capitalization has just reached a new milestone. While Dogecoin has been in the spotlight for most of the past week, Ethereum takes center stage for the future, as the asset broke above $ 4000 for the first time.
Ethereum supporters gathered, in their usual way, on Twitter to express their excitement about the price hike, which has been an expected event throughout the year.
Ether climbed to $ 4.165 as the market grossed over 7% in daily earnings. There quotation market share has risen to $ 476,3 billion, an impressive value for the asset and its network, but compared to Bitcoin's $ 1 trillion market cap, Ethereum still has a long way to go.
It is important to note that as Ethereum's value rises and investors expand, Vitalik Buterin, the founder of the Ethereum network, will continue to see his net worth increase. The 27-year-old recently became the youngest crypto billionaire and if things continue in this vein, Buterin's net worth will soon be competing with those of the best.
The Ethereum bulls are running wild
Ethereum supporters are asking for a price of $ 10.000 by the end of the year. While it seems difficult, other analysts predict that prices could reach at least $ 6.000 before the end of the year, that is, as long as Ethereum maintains its momentum.
The factors influencing the bull run have yet to be identified, but a large number of Ethereum supporters believe the Berlin hard fork was a trigger in Ethereum's bullish recovery. However, analyst Ki-Young Ju argues that the institutional actors are the ones invading the Ethereum market.
Ju noticed an influx of $ 400.000 in funds from Coinbase to the Ethereum market. He traces this purchasing power back to institutional investors which he attributes to Ethereum's surge in lightning-fast growth.
HODL is the right term
Earlier this year, critics of Ethereum hinted that the asset will continue to decline as a continuing selloff could precede the problems the Ethereum network has faced. Ju closes with a tweet summarizing why he believes following bears isn't profitable in the long run. “Selling ETH now doesn't seem like a good long-term idea. Follow US institutional investors, don't go against them ”.
Analyst Adam Cochran also seems to be true to HODLing's idea: “People keep asking me at what price ETH should be sold, and my answer is: I'm not. I agree with people like iamDvestor, who has been a big proponent of the idea that true wealth in ETH is captured by the staking yield, not from sales, ”he wrote on Twitter. Adding that "Ethereum is set to be the new Internet, the new financial infrastructure and PoS and EIP-1559 make it clear that its use will acquire immense value."
