Analysis suggests Ethereum price could push $3,500 soon
Ethereum’s bi-weekly gains currently stand at an impressive 21%.
- A survey has revealed that Ethereum (ETH) is more popular amongst Singaporeans when compared with Bitcoin.
- The past week has seen many prominent DeFi and NFT projects such as AXS, SOL, LUNA scale up to their all time high values.
- Chinese multinational Alibaba has launched its very own non-fungible token (NFT) marketplace.
After topping out the last 24-hour trade cycle around $3,300, Ethereum proceeded to dip to the $3,000 mark for the first time in nearly a week. At press time, the altcoin is trading at a price point of $3,061.
While ETH has continued to retest its all-important $3K psychological level, the currency has also experienced increased buying pressure recently, which suggests that the altcoin could scale up to the $3,500-$4,000 range.
Ethereum’s growing popularity can in large part be attributed to its utility and increased adoption in recent months. As per a recent report released by crypto exchange Gemini in conjunction with data aggregator CoinMarketCap and Seedly, a whopping 66% of all Singaporeans who have any sort of financial investments currently hold some amount of crypto.
The distribution of crypto assets held by Singaporean investors — as per the report — is as follows: Ethereum (78%), Bitcoin (69%), Cardano (40%) and finally Binance Coin (31%).
DeFi and NFT projects skyrocket
With the crypto market currently bullish, a growing list of projects with an extra emphasis on NFTs and decentralized finance (DeFi) have continued to accrue value over the last month. Some of the biggest gainers of the last 30 days include Axie Infinity Shards (AXS), Solana (SOL) and Terra (LUNA), with each project scaling up to its all-time high value.
According to a number of analysts, this recent surge seems to foreshadow the dawn of a new “alt-season.” Independent Twitter analyst ‘The Moon’ believes that a number of altcoins will continue to follow in BTC’s footsteps and surge in the near term.
Alibaba enters NFT market
Chinese e-commerce giant Alibaba recently announced the launch of its NFT marketplace that will allow trademark holders to freely buy and sell tokenized licenses of their private intellectual property (IPR). Dubbed “Blockchain Digital Copyright and Asset-Trade,” the platform can be accessed via Alibaba’s Auction ecosystem. As per reports, Alibaba is hoping to target writers, musicians, artists and game developers with this initiative.
Disclosure: The author owns a range of cryptocurrencies at the time of writing