Ethereum Reaches $4,700 For The First Time as a result of spike in price of vital cryptocurrencies during the weekend. Currently, the market capitalisation of all cryptocurrency nears $3 trillion.
The surge in the price of Ethereum coincides with the increase in interest for networks with decentralised finance applications and smart contracts. A boom in interest of non-fungible tokens (NFTs) and the size of the potential market is also supporting Ethereum, Cardano and other coins with similar efficacy.
Sports based organizations such as the NBA and the English Premier League have already seized the opportunity and sell highlights as NFTs, while the latter is reportedly considering offering a similar product to NBA’s TopShot.
Solana became the fourth largest cryptocurrency by market cap due to a 15% increase last week, however price appears lower marginally in the early hours of monday morning.
However, Bitcoin experienced a steady trajectory after a small correction in the wake of the launch of the first ETF last month. The launch of the ProShares Bitcoin Strategy ETF coincided with the all-time high hit last month before the price of Bitcoin declined back towards $60,000.
Although, a surge this morning and over the weekend has put the record high back in focus with some analysts suggesting that fears over higher inflation continues to support cryptocurrency prices.
Hargreaves Lansdown Senior Investment and Markets Analyst stated that “The recent surge in the crypto asset partly seems to have been caused by investors piling in, seeing it as a hedge against inflation,”
“Some appear to have been enticed by the argument that the huge monetary stimulus programmes unleashed by central banks is fuelling inflation which will see the value of money decrease over time, whereas Bitcoin has a fixed limit on the number of coins which can be created.”