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October 3, 2022
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Ethereum price explodes after $ 1,100

Most of the vertical price growth occurred yesterday, Sunday, January 3rd, with Ethereum (ETH) rising 33%, raising its weekly gain to 50% . These were peaks that Ethereum had not seen since January 2018, when the speculative bubble was about to burst and would bring down (and even sink) cryptocurrency prices, which ended up following in the wake of Bitcoin.

But what is happening to Ethereum? The price of Ethereum has followed Bitcoin, but there is something more. Ethereum’s annual performance is even better than that of Bitcoin. Bitcoin grew more than 300% in 2020 (thanks to December records), while Ethereum went from about $ 130 to $ 800 in late 2020 and exploded in the early days of 2021 to more than $ 1000. One performance that shames even the BTC.

Since the March casualties, Ethereum has developed an upward trend that has not been reversed.

Ethereum, the price of 1000 dollars: what now?

Looking at the project itself, investors seem to be rewarding the progress of Vitalik Buterin’s blockchain, which is shifting to proof of bet. On December 1st, the Beacon Chain, which is the zero phase of Ethereum 2.0. In the coming months, there will be a real transition from PoW to PoS.

In addition, Ethereum is by far the most widely used blockchain for DeFi projects. It is precisely DeFi that experienced enormous success in 2020, which is clearly visible in the value of the blocked guarantee (TVL), which currently (due to the increase in the price of Ethereum) is US $ 18.8 billion.

This price increase can be reflected in the interest of institutional investors who, in addition to Bitcoin, can now start buying Ethereum. In addition, the CME is about to launch Ethereum futures in February, offering its customers a new product that aims to replicate the success of similar derivatives in Bitcoin.

Ultimately, the queen of altcoins is conquering her own space and promises to be the real alternative to Bitcoin in the world of cryptocurrencies.

Source: Cryptonomist

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