Ethereum Hits Post-Crypto Crash Peak, Bound for $5,000
Ethereum price hits a post-crypto crash peak of $33,240 amidst projection that the second largest crypto asset will peak at $5,000 in 2022. The projection pump up buying interest as price move, outpacing Bitcoin in the momentum.
The broader crypto market spent the day in positive territory, lifting both Bitcoin (BTCUSD) and Ethereum up around 5% and seeing Cardano (ADAUSD) (which is now the third biggest crypto) jump a further 15% to build on the week’s already impressive gains.
Bitcoin (BTCUSD) prices are still just off the highly-anticipated $50k breakthrough point, and Ethereum closed back up above the $3k mark after a brief dip, but famous investment strategist Lyn Alden predicts there are better things to come. The founder of Lyn Alden Investment Strategy sees Bitcoin hitting $100,000 and Ethereum popping above $5,000 as soon as next year.
“I think we’re still in kind of the early-to-mid stage of its long-term trajectory. So that remains, I think, the best risk-reward as kind of a set-it-and-forget-it allocation. The price is very sentiment-driven, headline-driven, and regulation-driven.
“There are all sorts of things that could prevent that from happening, but I think that the overall trajectory and buying power that we’re seeing is more likely than not to push it to that level in that year.”, he said.
That being said, Ethereum rival Cardano (ADAUSD) has been on a bull run of note, popping to its highest price ever in Friday morning trading and easily regaining its crypto-crash losses at a high of $2.55 – the token has gained over 90% this month so far and shows no signs of slowing down, so competition is heating up.
After reaching a high of $3,333.33 on Saturday, prices have taken a dip, closing at $3,185.18. Meanwhile, this week, Ethereum plays the big card in the market, overthrows Bitcoin as King of the Castle in crypto-friendly Singapore.
A new study from crypto exchange Gemini, CoinMarketCap, and Seedly delved into the crypto-friendly world to suss out the state of affairs, finding that nearly four out of five Singaporeans crypto owners hold Ethereum – closely trailed by (but still ahead of) Bitcoin (BTCUSD), Cardano (ADA USD) and Binance Coin (BNBUSD).
As the rest of the world battles to reign in the booming market, the island of Singapore and its crypto-friendly regulations has become a hotspot for global crypto companies, including leading platform Binance. Ethereum leads the popularity boards with 78% of crypto fans holding the currency.
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Ethereum Hits Post-Crypto Crash Peak, Bound for $5,000
