Ethereum Soars Above $4K, More Gains Possible As Investors Remain Bullish

Ethereum Soars Above $4K, More Gains Possible As Investors Remain Bullish

The world’s second-largest cryptocurrency, Ethereum (ETH-USD) broke the $4,000 barrier on Monday and analysts attribute the surge in prices to bullish market sentiment. The two big names in the $2.2 trillion cryptocurrency market remain Bitcoin and Ether, the coin that fuels the Ethereum network, according to a report from Bloomberg.

Meanwhile, bitcoin (BTC-USD), the most popular cryptocurrency, was hovering just over $58,000. Talal Tabbaa, coo and co-founder, Jibrel Network, said: “Bitcoin has solidified it’s position as the world’s digital gold, but Ethereum is making a case for becoming the world’s financial settlement layer. The Ethereum blockchain is home to the majority of innovation in crypto and has the most developer activity. The Ethereum Improvement Proposal (EIP) 1559 which was recently approved, completely redefines the Ethereum fee structure and the market is now pricing that in. Deribit (one of the largest derivatives exchanges) recently added ETH futures with a strike price of $50,000, which shows how bullish some investors are!”