Ethereum surged to a new all-time high value of $4,634.
This could be due to the consistent expansion in the DeFi and NFT Space.
The price of Ethereum could potentially go even higher.
Ethereum is a blockchain project developed to enable users to build their own decentralized applications (dApps) and has been the go-to blockchain for the development of non-fungible tokens (NFTs).
This is highly contributed towards its smart contract functionality.
The consistent expansion into DeFi and NFTs as a catalyst for growth
The Ethereum price made a bullish breakout this week as the demand for cryptocurrency increased.
Ethereum reached its new all-time high value of $4,634, which is the highest level so far ever recorded. This brought its market cap as high as $543.
This all-time high-value point comes only two weeks after Bitcoin also achieved its latest all-time high value of $67,276.
This surge in crypto prices recently can also be attributed to the New York Stock Exchange’s first Bitcoin ETF, where both BTC and ETH have seen increases in value as a result.
Keep in mind that while this is occurring, the demand for Ethereum Futures ETF grows in parallel.
That said, Ethereum is a leader when it comes to Decentralized Finance (DeFi), where, according to DeFi Pulse, it currently has $87.12 billion in Total Value Locked (USD).
Additionally, Ethereum is also one of the top blockchain networks when it comes to the non-fungible token (NFT) industry and is used to build some of the largest NFT platforms on a global scale.
All of this occurred when many Ethereum competitors started to pop up, despite the fact that Ethereum’s network has some of the most expensive gas fees out there.
This hasn’t stopped the ETH token from reaching a new all-time high value. Additionally, the Ethereum bulls are predicted not to stop soon. This might be the beginning of the next bull run for Ethereum.
Should you buy Ethereum (ETH)?
On November 3, Ethereum (ETH) had a value of $4,604.
The currently recorded all-time high value is at $4,634, so we will be using this as a point of comparison, alongside its performance in October. At its ATH, it was just $30 higher or by 0.65%.
Speaking of October, on October 1, the token’s value was at its lowest point at $2,993.
Its highest point was on October 29, when the token climbed to $4,445.
Here we can see that the token increased in value by $1,452 or by 48%.
With this into perspective, we can potentially see the Ethereum (ETH) token reach a new all-time high value of $4,800 by the end of November.
However, keep in mind that Ethereum’s volatility has not gone away completely with this new high price.
The token could also potentially fall below the $4,500 price point, where the purchase needs to be reconsidered if it does.
Bottom line, at $4,604, it is a worthwhile buy as a long-term investment.