Ethereum (ETH) above $4,000: Crypto market on the rise

Ethereum (ETH) above $4,000: Crypto market on the rise

Ethereum (ETH) has rallied back above $4,000, which was last seen at the end of 2021. In the last 7 days, the cryptocurrency that supports the main blockchain platform has increased by 14.3%. Ethereum has thus outperformed market leader Bitcoin (BTC), which has risen by 9.7% this week. Ethereum's market cap is now nearly half a trillion dollars, although it would have to triple to catch up with Bitcoin. Despite Ethereum's stronger rise, today is Bitcoin's day as the oldest and most popular cryptocurrency is currently trading at an all-time high of nearly $72,000. Ethereum may have expanded horizons with its smart contracts and advanced an alternative financial system, but ultimately it is Bitcoin that is driving the entire market.

There is a lot to expect from both market leaders in the coming months. Bitcoin hits a new all-time high on new institutional interest since the US Securities and Exchange Commission (SEC) approved the launch of 11 Bitcoin ETFs. Since they began trading on Jan. 11, the ETFs have seen a total of nearly $10 billion in inflows. Bitcoin fans also point to the quarterly halving on April 19, which is seen as another price driver. Historically, halvings have tended to increase price and this halving is no exception as institutional demand for Bitcoin is currently at an all-time high.

Ethereum fans have also pointed to a potential milestone on May 23rd. On this day, the SEC is expected to announce its decision on the final applications for an Ethereum ETF. If Ethereum ETFs are approved, institutional demand for Ethereum could reach new record highs in the US.

Looking at the price chart, Ethereum has seen a clear uptrend since the beginning of February, although the Relative Strength Index (RSI) is currently close to 70, indicating strong buying pressure.

When it comes to meme coins, some small coins have seen triple-digit percentage gains over the past seven days. These types of cryptocurrencies are typically driven by viral marketing campaigns and the novelty factor. However, some of the biggest meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have become serious projects in the industry. A meme token that stands out for its freshness and utility is SPONGE. It is the native token for an exciting new ecosystem.

According to CoinGecko data, the price of SPONGE has increased by about 100% in the last week and 143% in the last two weeks. SPONGE is an ERC-20 token on the Ethereum platform and recently upgraded to version 2 on Polygon, an Ethereum Layer 2 scaling solution. The upgrade also introduced some key improvements, including a new staking model that offers a minimum return of 40% APY. This yield is currently around 490% and varies depending on the number of stakes and tokens locked. SPONGE also powers an upcoming racing game where players compete to earn SPONGE rewards.

Note: Cryptoassets are a speculative asset class. This article is for informational purposes only and does not constitute investment advice. There is a risk of complete loss of capital.

Ethereum (ETH) price history table: