The price of Ethereum (ETH), the second-largest cryptocurrency by market cap crossed the US$4,600 mark to hit a new all-time high of $4,634 on Wednesday morning Nigeria time according to CoinGecko data amid growing hype over the metaverse and non-fungible token (NFTs).
Other altcoins that climbed to new peaks are Solana (SOL), the native cryptocurrency of the high-performance proof-of-stake Solana blockchain, which surged to new all-time highs of just under US$230, according to CoinGecko data.
DOT, the native cryptocurrency of the Polkadot blockchain network, crossed the Us$50 mark for the first time on Nov. 1 and marked a new all-time high of US$53.40 on Nov.2, according to GoinGencko data. DOT's new ATH comes with Polkadot's long-awaited para chain auctions expected to take place this month.
Crypto market experts told Forkast. News the fourth quarter is typically a period of good price appreciation for the crypto market and altcoins are rallying following Bitcoin's surge last month. The total cryptocurrency market cap currently stands at US$2.8 trillion, according to CoinGecko data.
"We find ourselves in Q4, which provides a kind of bullish context," Ben Caselin, head of research and strategy at cryptocurrency exchange AAX, said in an interview with Forkast.News. "What we saw with Squid Game Token, which was a classic rug pull, will drive people to focus more on quality and longevity projects that are going to make it and they're not going to scam you."
Ethereum, which hosts the majority of Defi protocols, stablecoins and NFTs, has seen its market cap increase to US$538 billion a fivefold increase since the start of this year and there is over $170 billion of total value locked (TVL) in Defi protocols on Ethereum, according to Defi Llama. Ethereum is currently trading at $4,594 at the time of writing this line.
"The 2021 trading corridor in which prices have found themselves for the majority of the year has been broken to the upside for only the second time. Expect to see a retest of $4,500, before we continue to chart higher," said cryptocurrency platform OSL in its OSL Trader View update.
"Against $BTC, $ETH's funding rates are vastly healthier. ETH is in the sixth straight week of gains, and now breaking through the upper portion of ETH's logarithmic growth curves. The bulls anticipate ETH to shoot up as the price went up quickly the last three times we visited this area. ETH's middle of the logarithmic channel in place since March 2020 also intersects with the top of this segment, suggesting ETH may rally to $5,800 (by20%) over the next 14 days?"
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