Originally published on: November 10, 2024
Ethereum, the second-largest cryptocurrency by market capitalization, saw a significant price surge on November 10th, reaching $3,200, its highest level since August. This spike came as Bitcoin also soared past $79,000 following Donald Trump’s victory in the United States presidential election.
CoinMarketCap data shows that Ethereum’s market cap now stands at around $383 billion, marking a nearly 5% increase in just 24 hours. This surge has positioned Ethereum approximately $40 billion above Bank of America’s market cap.
The rise in Ethereum’s value compared to Bank of America indicates a shifting trend in financial markets, with blockchain technology and decentralized finance (DeFi) gaining momentum over traditional finance. This shift comes as the US Securities and Exchange Commission considers the introduction of exchange-traded funds (ETFs) linked to Ether options.
On the other hand, Ethereum has experienced its most substantial weekly price movement since May, with Bitcoin also making strides towards new all-time highs. However, Ethereum’s supply has seen a recent inflationary trend, contrasting with its deflationary pattern earlier this year.
Despite mixed sentiments among crypto analysts, there is a shared anticipation for further price increases in Ethereum, with some predicting a break of the $4,000 mark. Analysts also suggest a potential pullback before Ethereum hits a new all-time high, surpassing the $4,300 price level.
In other news, Ethereum co-founder Vitalik Buterin introduced the concept of “info finance,” emphasizing the importance of objective information gathering in market dynamics. Buterin suggested that prediction markets could play a key role in eliciting valuable insights from the community without external biases.
As Ethereum continues to make waves in the crypto space, its recent price surge and market cap milestone underscore its growing importance in the financial landscape. Subscribe to our newsletter for more insightful updates and analysis on the latest developments in DeFi and digital assets.
