ETH Jumps 10%: Will Altcoin Reach $500 This Week?
Ether (ETH) has risen in price by almost 10% over the past 24 hours, breaking the key resistance at $440.
On Tuesday, September 1, the ETH rate exceeded $ 462, the altcoin capitalization now stands at $ 51.742 billion. Once again, the ether per day showed the best performance out of the top ten cryptocurrencies.
The correlation between ETH and Bitcoin has intensified again, so many analysts believe that once BTC reaches $ 12,000, Ether will be able to test values above $500.
Support increased after ETH hit $ 443. After that, we saw how the altcoin broke above $ 450 without any problems.
After the March collapse, the cost of ether increased by 350%. Many observers have linked the rise in the ETH rate to the rapid expansion of the DeFi market for decentralized financial services.
Analysts Raoul Pal and Chris Berniske are confident that ether will rise in value in the long term. One of the positive signals is the increase in the number of Ethereum addresses.
The Glassnode team today announced that the number of wallets with one or more ETH has reached a new high ($ 1.123 million).
Previous ATH of 1,123,836 was observed earlier today
— glassnode alerts (@glassnodealerts) September 1, 2020
In parallel, there is an increase in the hash rate of the Ethereum network. Computing activity reached 219.78 TH/s, according to BitinfoCharts, the highest since the end of November 2018.
Miners are stepping up as they are confident that the altcoin will maintain its upward trend for at least the next few months.
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