Ethereum witness 6% price surge in 24 hours; retains position as second-largest crypto

Cryptocurrency Ethereum saw its price surge by over 6% in less than 24 hours between September 1 and September 2. The value of one Ethereum (ETH) was $3,750.37 on September 2, 2021 (02:00 PM IST). In comparison, its value during the same time on September 1 was $3,500. The growing NFT industry is one of the primary reasons behind the rise in the price of Ethereum. 

A week ago, on 27 August 2021, the price of an Ethereum coin was around $3,100. Along with the rise in price, Etherium saw a 24-hour trading volume of over $29 billion, retaining its position as the second-largest cryptocurrency in the world after Bitcoin. Keep reading to know more about Ethereum price prediction, Etherrum all-time high price and more.  

Ethereum price prediction

Before moving forward with price predictions for Ethereum, it is important to note that cryptocurrency is a highly volatile market and predictions may not be completely accurate. The predictions are made on the basis of the currency's previous performances and other statistical patterns. Currently, Ethereum has a market cap of over $440 billion. Lark Darvis shares on his Twitter handle that over 11.7 million coins were bought during Ethereum's rally from $3,120 to $3,226.

Although, it is done with the help of previous performance and other statistical patterns. According to WalletInvestor.com, Ethereum might rise up to $5358.21 in one year and up to $14,061.70 in the next five years. According to Capital.com, the price of Ethereum will raise over $6000 in 2026. While both the portals predicted a long term rise in its price, a $250 change in price since yesterday indicates that investors have set their faith back on the digital currency since its fall down in May 2021.  

Ethereum all-time high

In the previous 7 days, the low/high of Ethereum has been $3,060.23 and $3,838.87 respectively. The 30-day low and high of Ethereum is $2,449,35 and $3,836 respectively, which clearly shows the growth in price. However, the Ethereum all-time high was recorded on May 12, 2021, when the crypto touched $4,362.35 and is about 13% short of it. Currently, crypto holds about 19% of the total market.

Why Ethereum is going up today?

A major reason for the rise in Ethereum's price is the surging popularity of NFTs and DeFi. For those catching up, NFT stands for non-fungible tokens and DeFi stands for decentralized finance. Ethereum hosts a lot of NFTs and DeFi on its blockchain network. NFT purchases are gathering millions of dollars, which will eventually lead to the improvement and advancement of the underlying technology. Additionally, the crypto is enjoying a bullish rally as investors have decided to hold and see how far the rally can push. Ethereum's London update might be one of the biggest reasons for fueling the price of the coin since last month. Ethereum already surpassed Bitcoin in node counts and is believed to be more advanced and efficient than Bitcoin.