During trading on January 4, Ethereum price reached $1157, breaking the $1000 level for the first time since January 2018. As of this writing, the price of ETH has dropped slightly as a result of the correction, and the coin is currently trading around $1000.
Over the past 7 days, Ethereum has grown by over 37%, and the capitalization of the cryptocurrency reaches $114.10 billion.
The explosive growth in ETH began after the decline in the Bitcoin dominance index, as a result of which the price of BTC lost $3,000 in the last 24 hours.
Optimists believe that Ethereum will succeed in repeating the bull run and surpassing the $ 1400 mark, which was fixed in January 2018. Blockhead Capital managing partner Matt Kay believes that ETH growth is more likely than a decline.
The analyst calls the entry of institutional capital, which is waiting for Ethereum, as well as the growth of the DeFi sector, as the main reasons for the continuation of the trend. At the moment, the capitalization of decentralized finance exceeds $17 billion and continues to grow.
Of course, the current situation has had a significant impact on the network load. According to IntoTheBlock, to date transaction fees on the ETH blockchain have already reached $ 1.771 million, and the Daily Gas Price is 569.31 Gwei.