ETH coin recorded a new high since the beginning of this year, $3,135 (as of February 26, 2024) and the highest in almost 2 years, while the NFT market on the network is becoming lively! Sales peak in 10 months. Data shows Ether on the board is starting to decrease, expecting investors to transfer out and hold for the long term.
Reporters reported that This morning, Ethereum hit its highest point since the beginning of the year until today (26 February 2024) at $3,135.65 and the highest in nearly 2 years since April 2022, with an all-time high ( ATH) recorded at $4,868 in November 2011 (according to Binance)
The price of the next major coin, Ethereum, has been rising since the beginning of February from $2,300 sideways, making a new high this year again this morning at $3,135.65 (as of Until 26 February 2024 at the time of reporting) or has increased by almost 40% in the past 30 days.
Issues that crypto people the world is watching for Ethereum's upcoming major system overhaul called "Dencun." In the middle of March Which this round of system upgrades It will significantly reduce gas costs on layer two networks. It is expected that this will attract even more network usage.
Issues that crypto people the world is watching for Ethereum's upcomin
Another interesting piece of information is that the NFT market on Ethereum is starting to take off. It can be seen that NFT sales on the network rose to a 10-month high of more than $460 million (data from CryptoSlam), and compared to January's $355 million, this represents an increase of nearly 30% within the time period. Only 24 days
As for the Spot Ethereum ETF issue, it may be an expectation in the medium to long term. This is because the decision maker is the US SEC on whether to approve various asset management companies. Can it be established? But investors have not ruled out this issue. It is expected that if this is given the green light, it will pave the way for institutional capital to flow into ETH, similar to what has flowed into the Spot Bitcoin ETF.
Another notable indicator, data from CryptoQuant, shows that ETH on exchanges has dropped more than 800,000 ETH, or approximately $2.4 billion, since the beginning of the year. This could be interpreted as investors transferring to preserve their coins for the long term rather than selling them. If this is the case, it is considered a good sign for the market price of ETH.
Ethereum's outstanding performance this morning comes as bitcoin prices remain sideways in the $51,000 area and are struggling to re-surface towards the $52,000 level, but the barrier remains tight. By early morning today, the best was $51,958 before zigzagging down.
The issue that investors are keeping an eye on is the bitcoin halving event. The market is expecting to see a repeat of the price movement pattern of the past three months after the halving event. Bitcoin always sets new all-time highs, with the latest ATH recorded at $69,000 in November 2021 (according to Binance).
The Crypto Fear & Greed Index dropped slightly today to 72 (Greed) from yesterday's 74 (Greed).
The cryptocurrency market capitalization at the time of reporting was 2 trillion US dollars (+1.19%), trading volume was 53.3 billion US dollars (+8.96%), with Bitcoin accounting for 50.72% of the market capitalization.
