Is the Ether course now cracking the 5k?

Ethereum hit its 10th all-time high in a month this morning. How is the price explosion to be explained?

DeFi leader Ethereum is skyrocketing. At the time of writing, the Ether Price (ETH) has risen nearly five percent in the past 24 hours, setting a new all-time high of $ 4,782.42 on November 8th today. The market capitalization of over 560 billion US dollars and the federal budget could almost shake hands. According to the budget, the planned expenditures in Germany for the year 2021 total around 500 billion euros (around 578 billion US dollars). With a trading volume of over $ 20 billion in the last 24 hours, things were hot in the crypto market. How did the bullish development come about?

Every day again

There has been a lot going on on the Ethereum Blockchain in the last few months. The Metaverse hype also makes use of the DeFi ecosystem and is making more and more headlines with more prominent supporters such as Nike or Microsoft. Especially in the last four weeks you could almost get used to the positive atmosphere in the DeFi-Space. Because this morning Ether (ETH) was quoted for the 10th time within a month at a new record high.

Although it cannot be determined exactly which events in the crypto space led to the development of the second largest crypto currency, there are certainly assumptions. For example, it certainly helped Ethereum to continue expanding the Beacon Chain and successfully upgrade to Ethereum 2.0. As a result, the DeFi front-runner is now moving full speed ahead towards the Proof of Stake (PoS).

Ethereum goes mainstream

The latest development for the Ethereum ecosystem was probably from the listed asset manager Bakkt proclaimed. The US platform enables digital assets to be traded, sent and used for payments. In a press release, the platform announced that it would soon also release Ether (ETH) for transactions.

Gavin Michael, CEO of Bakkt, emphasized that the company attaches great importance to “offering its users flexible ways to enjoy their digital assets”. He also described Ethereum as a “popular and growing cryptocurrency” and commented on the expansion of the service portfolio as follows:

Bakkt users have already enjoyed the app’s capabilities for using Bitcoin, and we are confident that the addition of Ethereum will add to our growing ecosystem of partners and assets.

Gavin Michael, CEO of Bakkt

The Bakkt share itself only recently shot through the roof after credit card giant Mastercard announced a cooperation with the crypto platform. This not only catapulted the payment giant towards a crypto player, but may also drive Ethereum to mainstream in the future.

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