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Ever wondering Why is Etheruem Stealing the Show Again?
Provided Some insights here https://cfcinsights.com.ng/2021/05/10/why-is-etheruem-stealing-the-show-again/
Provided Some insights here https://cfcinsights.com.ng/2021/05/10/why-is-etheruem-stealing-the-show-again/
The second biggest Crypto currency in terms of Market Capitalization ‘Ethereum’ has resumed it’s uptrend just of recent after underperforming, testing the investor’s patience and emotions for some months.
Ethereum which has showed a strong strength against Bitcoin since the third quarter of 2020, outperforming Bitcoin by a great margin took a chill for a while now.
Etheruem historical Price action analysis over the previous months
Etheruem moved from $129.63 in January 2020 to $751.63 in December 2020 according to coinmarketcap which is about 480% within 12 Months and continued this uptrends into the year 2021 as it saw $2000 sometimes around February which is additional 166% between December 2020 and…
…Febuary 2021.
Since Febuary till early April, Etheruem stayed below it’s new all time high which is a little above $2000.
Since Febuary till early April, Etheruem stayed below it’s new all time high which is a little above $2000.
There were alot of opinions as to why the price was stuck during this period and this even brought about the narration of etheruem killers and that etheruem is dead as people are moving to a cheaper chains for their transactions.
Early April, it started showing some bull strength again and towards the end of the month entering into May Etheruem saw a new All time high few hours ago as it moved above $4000, that is about 433% appreciation since the opening day of the year almost reaching the exact…
…percentage increase it did in the whole year 2020 in just 5 Months into 2021.
There has been alot of arguments on the media as to why the sudden pump and rise in price.
There has been alot of arguments on the media as to why the sudden pump and rise in price.
Why the recent pump?
Some people suggested that it is as a result of the Etheruem team trying to roll out the solutions to the existing issues on the chain and network of which high gas fee is one of them that is helping ethereum pump.
Some people suggested that it is as a result of the Etheruem team trying to roll out the solutions to the existing issues on the chain and network of which high gas fee is one of them that is helping ethereum pump.
Koroush Ak reported in his daily Market Mediation that an Analyst ‘Ki Young Ju’ provide an insights as to why the price is enjoying some uptrends lately and why ethereum pump of recents.
Young suggested based on some on chain available data that institutions are following the foot prints of their fellow institutions as they are investing and buying etheruem using the coinbase spot market.
As Young is using the data from Coinbase as the basis of his believe, it may be safe to say these spot buying pressure are mostly from US.
Another reason that maybe logical to explain the recent price action of etheruem is the fact that people are getting to use Defi and NFT platforms more of recent and most of these platforms accepts etheruem as their payment currency.
It was also reported that the number of wallets that has ethereum is growing as it will be required to make any transactions in maot defi and NFT platforms.
This thread can be read here: https://cfcinsights.com.ng/2021/05/10/why-is-etheruem-stealing-the-show-again/
