Winner Of The Week? Ethereum Managed To Close Positive Over 7 Days
Last Updated on 5 December 2021 by CryptoTips.eu
Although there were some other altcoins in the top ten that managed to close the week with a better performance than Ether (and yes we did remark Terra there), the performance of the Vitalik Buterin coin during the Friday selloff was quite remarkable.
Because although the world’s second-largest cryptocurrency by market capitalization was also clearly down on Saturday morning, it immediately rebounded and by the time of writing, shows a positive green weekly candle when looking at CoinMarketCap.
Its all-time price high of $4,865 seems quite off but the current pullback seems to find support at the $4,000 price level, which means the July low of some $1,740 is still a very long way off.
I mean $ETH was at this price last week
— Benjamin Cowen (@intocryptoverse) December 4, 2021
At this rate of losses and rebound, it will indeed only be a matter of time before the flippening, the moment when the market capitalization of Ether overtakes that of Bitcoin, takes place.
Price of Ether even higher?
Of course, given that Ether’s primary use is still for transactions across the Ethereum blockchain and is less seen as a store of value than Bitcoin, it continues to remain well balanced in price terms even as the crypto market falls.
As the price has gone up, it’s gotten very expensive to get any transaction space on a block on the Ethereum blockchain.
Aaron Lammer of crypto hedge fund, Radkl, commented on Yahoo Finance. He stated:
There’s still a huge number of people waiting to be on-ramped into DeFi and NFTs, we might see the price of Ether go even higher, and really only become available to people who are using it in a large-scale institutional way.
