Trading | 4 months ago
Ethereum which is the second largest crypto asset in terms of market capitalization, created an all-time high on Monday. The price of Ethereum touched $4,213 per unit. It is up more than 300% so far this year. These rallies pushed Ethereum's market capitalization to more than $475 billion.
In the last week alone Ethereum price rose by 33%. This price rise has increased the Ethereum's market dominance to 20% in the crypto currency trading markets. Ethereum is traded on most of the major cryptocurrency exchanges which include Coinbase and Robinhood. Ethereum Newtwork also provides a facility to store Ethereum online via crypto wallets.
One way to earn Ethereum is to mine it on a distributed ledger, called a blockchain. However, this is a slightly complex method as it requires some hardware and software skills. Ethereum network is the foundation for apps that promotes decentralized financial systems and non-fungible tokens (NFTs) etc. There are currently more than 2,000 decentralized applications built on Ethereum network. These includes a broad category of apps like Finance, media, gaming, data security and insurance which is used in our daily lives.
Currently Ethereum is consolidating after massive gains in the last week. The long term technical and fundamental outlook for Ethereum is bullish. We may see a 5% to 10% price correction in Ethereum before it is ready to stage into next multi month rally. One must look for buying opportunities in Ethereum on a support level with proper risk management.
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