In the previous twenty-four hours, the cryptocurrency market saw positive growth for the first time in weeks, with a market cap value gain of more than $60 billion.
The market value of Ethereum (ETH) increased by more than $20 billion in less than 24 hours, from $164.42 billion on October 25 to $185.06 billion on October 26, according to statistics obtained by Finbold from CoinMarketCap.
In addition, as a result of the increase, the price of the decentralised finance (DeFi) token rose from $1,347 to $1,517, an increase of 14.58 percent on the day and 16.8 percent over the previous week.
Due to its increase over the last 24 hours, Ethereum is also the most popular cryptocurrency on CoinMarketCap.
Notably, the Ethereum community forecasted on October 25 that Ethereum will trade at $1,488 by November 30, 2022, a 10% gain at the time but, oddly, less than the asset’s actual value. As price projections continue to arrive between now and the end of the month, it will be fascinating to see whether a more positive average price develops by the end of November 2022.
In a positive move for ETH, the investing giant Fidelity announced intentions to enable institutional customers to access to Ethereum transactions, letting them purchase, sell, and transfer the asset beginning on October 28. This decision was influenced by the success of the network’s recent Merge update.
Elsewhere, Santiment stated on the 20th of October that on September 11, Ethereum billionaire whale addresses owning 1 million or more ETH added 3.5 million additional coins, raising their total holdings by 14%.
Also Read: Compound halts four low-liquidity coins as loan assets
