The world’s second-largest cryptocurrency reached an unprecedented value of $4,670.81 on Wednesday, at 3:15 p.m. EDT. The ether token is up more than 10% this week, and its market cap value is around $551 billion, according to CoinGecko.
Most of the top ten cryptocurrencies are up, even smaller tokens have attracted interest after CEO Mark Zuckerberg announced that Facebook was changing its name to Meta, to focus on the metaverse.
This upward trend may be a consequence of a stream of good news in the cryptoverse: the adoption of cryptocurrency by banks all over the globe, the growth of non-fungible tokens on gaming platforms, the continuous increase of mining centers, Mastercard’s plan to integrate crypto, and the support of many different companies and personalities.
However, the market is in a wait-and-see mode due to some regulatory issues in North America. The US Treasury requested the stablecoins to be regulated by the US Congress as soon as possible, in order to take advantage of their potential, according to a report written by the President’s Working Group on Financial Markets.
Despite this and the sharp price swings, bitcoin’s long-term uptrend remains intact. Bitcoin tends to gain 11%-18% in the fourth quarter, so some analysts have maintained their bullish outlook on crypto prices for the remainder of 2021. It also appears to have followed a seasonal pattern with a surge at the beginning of the year and a volatile September. October recorded historical crypto prices, with BTC reaching the $66,000 mark on October 20, and traders expect a strong November.
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