Ethereum (ETH) Has Crossed 3K Mark: Why is ETH Rallying? – Crypto News – Crypto News
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Ethereum (ETH) Has Crossed 3K Mark: Why is ETH Rallying? – Crypto News

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1 year ago

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To understand Ethereum’s current rally, it’s crucial to examine its price history and market performance. Unlike Bitcoin, whose price surge in 2021 was largely attributed to the IPO of Coinbase, Ethereum’s growth was fueled by technological developments and groundbreaking applications within the Ethereum ecosystem.

In 2021, Ethereum made headlines when a digital art piece sold as the world’s most expensive NFT for over 38,000 ETH, equivalent to $69.3 million. This showcased Ethereum’s versatility beyond being a mere cryptocurrency, highlighting its role in powering decentralized applications and the burgeoning NFT market.

Ethereum’s price also surged with the rollout of the Berlin update in April 2021, which paved the way for the Ethereum Merge in 2022, leading to reduced gas fees and improved scalability. Despite setbacks such as the collapse of FTX in late 2022, Ethereum has shown resilience and continued to evolve.

Ethereum's Price and Market Performance chart
Ethereum’s Price and Market Performance chart

As of February 27, 2024, the price of Ethereum is at $3,225.08, accompanied by a substantial 24-hour trading volume of $21.6 billion. Over the past day, Ethereum has experienced a noteworthy increase of 3.81%. Maintaining its position as the second-largest cryptocurrency on CoinMarketCap, Ethereum boasts a live market capitalization of $387 billion. With a circulating supply of 120,153,641 ETH coins, Ethereum continues to demonstrate its prominence in the digital asset landscape.

Despite reaching its all-time high of $4,891.70 on November 16, 2021, Ethereum has experienced a decline of 34.19% compared to its current price. However, recent trends indicate promising growth, with Ethereum witnessing a notable increase of 10.28% over the last 7 days and an impressive surge of 97.62% over the past year.

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