Ethereum gains nearly 1,100% over the past year thanks to new price record

Posted: 3 November 2021 5:17 pm

Thanks to last night's rally, ETH's 12-month gains now stand at a whopping 1,090%.

  • Ethereum's market dominance index has now climbed up to an impressive 19.4%.
  • The total market cap of the crypto industry currently stands at AUD$3.67 trillion (US$2.728 trillion).
  • NFT-centric searches have surpassed those related to the term "cryptocurrency" for the first time last month.

After having showcased an increasing amount of stability around the AUD$5,400–$5,800 (US$4,000–$4,300) price range, Ethereum, the second-largest cryptocurrency by total market capitalisation, has seen its value soar over the last 24 hours, rising to an all-time high of AUD$6,230 only to correct shortly afterwards. At press time, ETH is trading for AUD$6,141.

It is worth pointing out that ETH's latest ascent comes at a time when the total number of tokens locked up in the ETH2 staking contract surpassed the 8 million mark for the first time ever. In this regard, it should be pointed out that as more ETH continues to be staked, it drains the altcoin's total available circulating supply – which in turn allows for improved price dynamics.

In fact, many analysts are still quite confident that ETH may hit a price point of US$10k (AUD$13.45k) by the end of the year. In this regard, on-chain analyst Matthew Hyland recently tweeted out 2 charts comparing Ether's price action in 2017 alongside 1 showcasing its current momentum. As per his estimations, there is enough evidence to suggest that ETH may hit US$14k (approximately AUD$19k) over the course of the next 30–90 days.

Lastly, crypto pundits like Michaël van de Poppe believe that Ether may showcase an "impulse move" sometime between this month and January 2022, resulting in ETH's value rising from US$6,000 to $6,400 (AUD$8,000–$8,600).

How to buy Ethereum

Asia-Pacific: NFT-related Google searches continue to soar

As the non-fungible token (NFT) mania continues to sweep the globe, it appears as though people living in Asia-Pacific (APAC) countries seem to be extremely curious about this yet nascent asset class. It should be noted that as per Google Trends data available online, residents of China, Singapore and Hong Kong have searched for the term NFT more than they have the term "cryptocurrency".

Furthermore, it should be pointed out that searches related to the NFT space have also been soaring across a number of other countries, including Venezuela, the Philippines, Cyprus, Canada, New Zealand and Australia.

Buying crypto has become easier than ever before for Australian residents

In a landmark move, the Commonwealth Bank of Australia (CBA) announced earlier today that it is set to launch a crypto trading desk for its popular CommBank app. As a result, 6.5 million Australian residents will now be able to buy, sell or hold a number of prominent digital assets, including Bitcoin, Ethereum, Bitcoin Cash and Litecoin, with the touch of a button.

The CBA is the first major Aussie banking institution to support crypto, with many folks now expecting other giants such as National Australia Bank (NAB), Australia and New Zealand Banking Group (ANZ) and Westpac to follow suit in the near-to-mid term.

Interested in cryptocurrency? Learn more about the basics with our beginner's guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.

Disclosure: The author owns a range of cryptocurrencies at the time of writing

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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