Home
News
- 1 Ethereum price showed remarkable growth in November and crossed the $2000 resistance mark.
- 2 When writing, Ethereum was trading at $2,073 with a monthly surge of 15.20%.
- 3 In the 52-week time frame, ETH’s highest traded price was $2140.8.
Ethereum’s price has shown a tremendous surge in the past few weeks and crossed a much-awaited resistance of $2k on November 24, 2023.
As per Santiment’s data, the price rally was fueled by the surge in the trading demand of leading altcoins in the November 23 trading session. Its data also states that the number of new addresses trading on ETH rose by 17% till November 23.
When writing, Ethereum was trading at $2,073 with a monthly surge of 15.20%, and most importantly, its market capitalization also showed a significant surge in momentum.
In the 52-week time frame, ETH traded highest at $2140.8, and its lowest trading price was $1149.4. It traded above 20,50,100, and the 200-day exponential moving averages (EMAs) at press time.
According to market analysts, the sudden momentum in the trading price of ETH might be backed by the news of an exchange-traded fund in the crypto space.
Ethereum’s Contributions to Crypto
Integrating blockchain technology with domain name services arose as a creative breakthrough in the rapidly growing digital ecosystem, dramatically altering internet address dynamics.
As a result of this unprecedented convergence, a new wave of decentralized internet has begun to develop, redefining present protocols and allowing for more decentralization, ownership, and security. The Ethereum Name Service (ENS) is on the cutting edge.
Ethereum-based ENS transforms domain name systems. It connects machine-readable IDs with human-readable names via smart contracts. With its decentralized Ethereum paradigm, ENS functions differently from traditional DNS, providing censorship resistance and transparency.
Ethereum Improvement Proposals (EIPs), particularly EIP-137 and EIP-634, were the impetus for establishing ENS. EIP-137, suggested the structure of ENS, laying the foundation for it. By enabling ENS to hold human-readable metadata, EIP-634 expanded its capabilities.
Initial coin offerings (ICOs) are fundraising events when a new cryptocurrency project sells a share of its tokens to early backers in return for money; Ethereum holds the title of ICO introducer.
ICOs have gained popularity as a means of funding for blockchain and cryptocurrency projects, and many well-known projects, like EOS and Bancor, have launched their ICOs on Ethereum’s platform.
By offering a framework for developing decentralized apps and smart contracts and permitting the use of initial coin offerings (ICOs) as a means of generating capital, Ethereum has been instrumental in developing and expanding the cryptocurrency market.
With a 85.35% surge in the overall market capitalization year-to-date, the cryptocurrency market in 2023 has grown remarkably thanks to increasing institutional acceptance, the ascent of DeFi, and the widespread use of NFT.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
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.
