Ethereum price smashes record high amid metaverse and NFT buzz

The price of Ethereum (ether) has hit a new all-time high amid a resurgent crypto market.

The cryptocurrency reached above $4,470 on Tuesday morning, according to CoinMarketCap’s price index, pushing the overall crypto market above $2.7 trillion for the first time in its history.

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Ethereum’s price increase has been spurred on by a surge in the use of its blockchain network, which is used to build decentralised apps (dapps) and transact NFTs – as well as expectation that it will prove fundamental in any future metaverse, which are being built by tech giants like Meta (formerly Facebook).

“Everybody is watching BTC with bated breath but for me, it’s ETH’s moves that are far more interesting,” Dragos Dunica, co-founder of decentralised app store DappRadar, told The Independent.

“Being the leading smart contract platform, Ethereum’s price is being directly impacted by the growing adoption of dapps across the most active categories of DeFi (decentralised finance), NFTs (non-fungible tokens), and gaming.

“Usage is at its all-time high and that’s very good news for Ethereum. I wouldn’t be surprised if it hits $10,000 before Christmas.”

Several other leading cryptocurrencies also saw new record highs, including Polkadot (DOT), while bitcoin also recently experienced a new all-time high.

The price gains follow predictions from several leading crypto analysts that BTC and the rest of the cryptocurrency market would experience a record-breaking end to 2021.

More to follow.