Ethereum Price Jumps as Market Cap Spikes Above $389 Billion
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Ethereum Market Cap Spikes Above $389 Billion
The crypto market started on a bullish momentum this week with king coin BTC rising above $50,000 in three months. In most cases, Ethereum has a close correlation with Bitcoin. Hence, the second-largest cryptocurrency resulted in jumping above the $3,340 resistance level in the same time frame. Along with Ether's price jump came DeFi’s market vibrancy with the industry’s total value locked (TVL) rising to more than $83 billion.
Recently, a survey from Finder conducted among a group of 42 crypto experts showed their views and price forecasts for Ether. One of the experts, Martin Fröhler, CEO of Morpher suggested that Ethereum has the potential to reach $10,000 by the end of the year.
While the head of the blockchain at RealFevr, Pedro Febrero has been the most bullish on the digital asset saying it could be worth $1 million by 2030.
Ethereum (ETH) is currently trading at $3,325 with its market capitalization above $389 billion. In total, the market capitalization of all cryptocurrencies tracked by CoinMarketCap jumped to more than $2.2 trillion.
Crypto Futures OI Spikes Over 50%
Meanwhile, the price of Ethereum rallied after PayPal announced plans to offer cryptocurrency products in the UK. Customers with verified accounts will now have the ability to buy, hold, and sell cryptocurrencies such as Bitcoin, Litecoin, Ethereum, and Bitcoin Cash.
Over the past month, the aggregate open interest across major cryptocurrencies futures contracts has surged from $22 billion to $37 billion, an increase of 50%.
Interestingly, the open interest in Ethereum (ETH) futures is growing faster than the leading cryptocurrency. The last time crypto OI was seen at an all-time high was in May, just a few days before the year’s historic rally.