Ethereum price outlook remains bullish after touching all-time high
Ethereum’s monthly profits stand at +40% despite recent volatility.
- Ethereum’s market dominance has continued to rise over the past month, with the metric currently hovering above the 18% mark.
- The total market capitalization of the crypto industry sits at $2.69 trillion.
- An increasing number of independent artists are turning towards NFTs to maximize their commercial revenue streams.
After having scaled up to its all-time high value of $4,361 on October 21, Ethereum (ETH) has remained largely bound between $4,000 and $4,200 for over 72 hours running. At press time, ETH is trading for $4,175.
And while Ethereum’s performance closely mirrors Bitcoin’s price action, several other altcoins have continued to shine over the past week as well. For example, since October 23, Shiba Inu (SHIB) – a spin-off of the popular meme-token Dogecoin (DOGE) – scaled up to its all-time high value, showcasing a surge of nearly 50%.
As a result of its ongoing ascent, SHIB’s total cap has increased, making it the 11th biggest cryptocurrency in terms of market capitalization, just two slots away from DOGE. Shiba Inu’s gains seem to have stemmed, in large part, from Tesla CEO Elon Musk recently tweeting about the arrival of a new Shiba Inu puppy, called Floki, into his family.
Reactivated ETH pool helps spur latest RUNE rally
Earlier in 2021, the THORChain (RUNE) protocol faced a number of exploits that resulted in miscreants making off with $8 million worth of tokens from the platform’s coffers. The development severely affected the price of RUNE, causing the token to slide from around $20 to under $8 from May 20-24.
That being said, earlier this week, the THORChain team revealed it was set to reopen its Ethereum pool along with a number of other token pools, including Bitcoin. This decision seems to have had a positive impact on the value of RUNE, with the asset exhibiting gains of nearly 75% over the last seven days alone.
NFTs continue to redefine the global music industry
With each passing day, an increasing number of independent artists are continuing to adopt non-fungible tokens (NFTs) to maximize their local income streams as well as improve their overall fan engagement without having to rely on a centralized institution such as a label or streaming service like Spotify.
Earlier this year, 3LAU, an EDM musician, sold more than $11 million worth of crypto tokens that were redeemable for a host of real-world items – including a lot of his musical repertoire. Similarly, 90s sensation Paul Oakenfold also revealed last month that he was going to be releasing a tokenized version of his latest album via the Cardano blockchain.
Last but not least, some artists and event promoters have turned to blockchain-based platforms to host various virtual events, with Epic Games – the creator of the popular gaming title Fortnite – recently joining hands with a prominent blockchain service provider to host a virtual concert for singer Ariana Grande.
Interested in cryptocurrency? Learn more about the basics with our beginner’s guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.
Disclosure: The author owns a range of cryptocurrencies at the time of writing
