Ethereum rose at the close of April.
As the price of the currency reached above $ 2,800 for the first time, according to data from “Nomics“.
The reasons behind the shining of the Ethereum currency:
Ethereum has increased by 189% since the start of the year and more than 1,200% from last year to the present.
There are many possible reasons behind the price explosion of the Ethereum coin, among them:
- The steady progress towards modernization of Ethereum 2.0 that will make the Ethereum blockchain faster and cheaper.
- Growing optimism that the July Ethereum update (EIP 1559) could help reduce gas fees and raise prices.
It should also be noted that there are clearly bullish sentiments towards the financial markets in general at the moment.
Although it closed slightly lower yesterday, the Dow Jones Industrial Average rose above 34,000 for the first time in April, indicating investor confidence in US stocks.
Cryptocurrency markets are also showing their strength after the mid-April lull.
Binance rose 87% last month to $ 630 and then retreated to $ 620 At the time of writing this article, the price of Dogecoin has more than quadrupled in the same timeframe, and UNI’s governance coin on the decentralized trading platform Uniswap continues to benefit from the turnout. On Decentralized Finance (DeFi), which allows traders to exchange cryptocurrencies, earn interest and take out loans without financial intermediaries.
Unusually and unexpectedly, Bitcoin is lagging behind in relative terms, indicating that the cryptocurrency market is becoming increasingly diversified and less dependent on the bitcoin that has been bearing all the burden in the past.
Bitcoin, which hit an all-time high above $ 64,000 on April 14, fell below $ 50,000 ten days later.
It has since recovered with a 15% rise last week, and is currently in the face of $ 58K resistance and $ 60K psychological level.