Will Ethereum hit a record high of $5,000 in seven days?
The price of Ethereum will likely hit $5,000 over the coming seven days as the world’s second largest cryptocurrency after Bitcoin reaches record highs.
On Monday Ether – the token transacted on the Ethereum blockchain – surpassed $3,000 for the first time.
So far in 2021, Ether is up more than 300%, far exceeding the 95% rise in Bitcoin.
Ether has been one of the main beneficiaries of the crypto market boom. Over the past few months, this boom has been driven by mounting interest from major institutional investors and heightened recognition that cryptocurrencies are the future of money.
This momentum will likely increase in the near-term and, as such, I believe Ether will reach $5,000 within seven days.
In addition, as well as making the most of the widening acceptance of digital currencies, Ether is brilliantly positioned to radically hike its market share.
We’re on the cusp of seeing a global shift towards decentralised finance, or DeFi, move up a few gears.
DeFi is related to transactions made outside the traditional system, for which the Ethereum blockchain is an essential part.
Moreover, there’s a growing trend for NFTs (non-fungible tokens), particularly digital art, which are typically bought and sold in Ether.
Indeed, in April Christie’s auction house sold “Everydays – The First 5000 Days,” a digital artwork in JPEG form by an artist known as Beeple, for $69.3 million – the third most expensive artwork ever sold by a living artist.
When compared to Bitcoin, Ethereum is more scalable, has more uses and solutions like smart contracts, and is backed with advanced blockchain technology.
Ethereum is way ahead of Bitcoin in all factors other than price and fame, and I think we’ll see that 2021 is going to be Ether’s year.