Ethereum rises above $4,000 for the first time in three months

• After ETH price rose above $4,000 for the first time in three months, traders set their sights on a new all-time high
• After Solana’s SOL and Polkadot’s DOT tokens, Ether came in third place out of the top ten cryptocurrencies by market capitalization in terms of weekly performance
• Bitcoin’s supremacy is waning as other coins dominate the adoption of blockchain technology, says Oanda Senior Market Analyst Ed Moya, as the world’s largest cryptocurrency, which trails ether and sol in smart-contract compatibility, rose just 2% in the last 24 hours

After ETH price rose above $4,000 for the first time in three months, traders set their sights on a new all-time high. Ether (ETH) hit $4,000 for the first time since May on Sept. 3 after a strong week of advances culminated in a significant price milestone. The pair recovered the historic level it had lost in the spectacular trend reversal that shocked the cryptocurrency market about three months ago, despite month-to-date gains of $600. Ether burst out of its three-month trading range, with a price of $4,025 only $350 shy of all-time highs. 

After Solana’s SOL and Polkadot’s DOT tokens, Ether came in third place out of the top ten cryptocurrencies by market capitalization in terms of weekly performance. Bitcoin (BTC) also benefited from renewed vigour, rising to a key resistance level of $51,000. Bulls have been ecstatic with Ether’s success, while others have expressed their displeasure with the decision. 

There was a sense of inequality when even actress Reese Witherspoon stated that she had invested in Ether, despite the fact that gas fees continue to frustrate traders.  However, most experts agreed that the last months of 2021 will resemble the rush to the end of 2013 and 2017. Regardless of when it arrives, the next few months will most likely be wild beyond what most of you can fathom, prominent Twitter user Lark Davis said in a dedicated thread on the current crypto bull market.

Bitcoin’s supremacy is waning as other coins dominate the adoption of blockchain technology, says Oanda Senior Market Analyst Ed Moya, as the world’s largest cryptocurrency, which trails ether and sol in smart-contract compatibility, rose just 2% in the last 24 hours. 

Luethy said Solana’s token price rises appeared to be driven by direct purchases without debt, rather than the speculative leveraged trading that has driven many of the advances in tokens like dogecoin. This is an indication that Solana may be acquiring credibility as a long-term investment. 

Last month, Gary Gensler, the chairman of the Securities and Exchange Commission, identified decentralised finance, which provides cryptocurrency loans without the use of traditional financial intermediaries such as banks, as one of the main areas in the industry that could benefit from additional regulation.

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.