Cardano suffers spiral fall amid record profit taking

Ether, the world’s most popular utility crypto broke above $4,000 in the early hours of Monday and keeps soaring high after passing the all-important resistance level on many crypto exchanges’ barrier including the FTX exchange.

Such a milestone comes barely a week after it breached above the $3,000 price level.

At the time of writing this report, Ether traded at $4,115.72 with a daily trading volume of $53.5 billion. Ethereum is up 3.85% for the day and is presently the second most valuable crypto asset by the market value of $476.7 billion.

Crypto pundits argue that the leading altcoin has attracted a new wave of institutional investors in credence to its recent approval of 3 Ethereum exchange-traded funds (ETFs) in North America.

Adding credence to Ethereum’s record buying pressures is data retrieved from Glassnode, an advanced crypto analytic firm, revealing the Number of Addresses Holding 0.01+ Coins just reached an all-time high of 14,969,657.

A previous all-time high of 14,966,780 was observed on 9th May 2021.

The rising use of non-fungible tokens to validate the ownership of digital assets is notably purchased and used on Ethereum, thereby attracting more apps and contracts.

Ethereum is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control or interference from a third party.

The rise of many DeFi crypto assets that thrive on the Ethereum Blockchain has added more buying pressures from investors globally with YAM, UniSwap, Chainlink, Compound, Cream finance, and Melon seeing record cash inflows.

Investors are getting more attracted more to DeFi because they can receive higher interest rates when compared to what is gotten in traditional finance, on the basis that lower operating costs are enabled when operating on an automated decentralized network.

Just recently it upgraded to Ethereum 2.0, which is seen by many crypto enthusiasts as the game-changer in reforming the distributed system, after some years of research and coordinated effort by top developers around the world.