After receding under $4,000, Ethereum is leading a market recovery of altcoins. Entering December, the second-largest cryptocurrency has gained more than 7%, making it the best performing crypto in the top 10.
Ethereum’s recent gains helped it reach an interday high of $4,780 – just 1% shy of its all-time high of $4,850 recorded on November 10. In the last 24 hours, ETH holds out marginal gains as it now trades at $4,742.
The five days price chart of Ethereum (ETH). Source: Tradingview
While Ethereum’s recent performance is laudable, it pales in comparison to its year-date gains. Since the start of 2021, when ETH traded at $736, Ethereum has gained more than 530%, outperforming the world’s largest crypto, Bitcoin, which has doubled its price in 2021.
The year-to-date price chart of Ethereum (ETH). Source: Tradingview
Ethereum’s recent gain is partly driven by the prospects of its blockchain platform forming a part of the metaverse. Ethereum, which is home to both non-fungible tokens and decentralized applications (dApps), has been tipped to play an important role in the future of the metaverse.
On The Flipside
Despite its remarkable growth, Ethereum is yet to solve the issue of high fees, which has long plagued the network. Minting an NFT on Ethereum will generally cost between $60 and $250Ethereum’s support for multiple use cases has made it popular among institutional investors, who pushed $23 million into ethereum products last week. Also, logging the fifth consecutive week of inflows.
Why You Should Care?
Approaching its all-time high, while Bitcoin sits 15% shy of its, shows Ethereum could be stepping out of Bitcoin’s shadows
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