Originally published on: November 10, 2024
Ethereum made waves in the crypto world by hitting an impressive $3,200 on Nov. 10, marking its highest value since August. This surge came as Bitcoin climbed past $79,000 following Donald Trump’s victory in the US presidential election.
With a market capitalization of around $383 billion, Ether (ETH) surpassed Bank of America’s market cap by roughly $40 billion, signaling a shifting tide in the financial market landscape.
The rise in ETH’s valuation compared to Bank of America highlights the growing influence of decentralized finance (DeFi) and crypto assets, as blockchain technology continues to disrupt traditional finance (TradFi) models.
As the popularity of DeFi gains momentum, the US Securities and Exchange Commission is contemplating listing options connected to spot ETH exchange-traded funds (ETFs), further solidifying Ethereum’s position in the financial sector.
While ETH has seen its most significant weekly price action since May, its supply has been expanding rapidly over the past week, transitioning from a deflationary trend to an inflationary rate of 0.424% per year.
Despite this increase in supply, analysts anticipate further upside momentum for Ethereum, with predictions of a new all-time high on the horizon. Some predict ETH breaking the $4,000 barrier, while others foresee a pullback before reaching new highs, with price targets exceeding $4,300.
Meanwhile, Ethereum co-founder Vitalik Buterin introduced the concept of “info finance,” emphasizing the importance of gathering valuable insights from the community through prediction markets. This approach aims to foster a transparent and unbiased exchange of information without the influence of media sensationalism.
As Ethereum continues to dazzle investors and analysts alike, the battle for dominance in the crypto market rages on, with ETH firmly establishing its position as a frontrunner in the digital asset space. Subscribe to our Finance Redefined newsletter for more insights into the world of DeFi and emerging financial opportunities.
