The "king of altcoins," Ethereum (ETH), which has been criticized for not making the most of its much-hyped "merge" version, is now the subject of positive discussion in the cryptocurrency world.
After all, the digital currency is all-green on its price charts following the positive momentum that lifted the whole valuation of the cryptocurrency industry to above $1 trillion once more on Thursday.
Coingecko stats show that at the time of writing, the price of ETH is $1,546. Although it only managed to gain 1% over the past 24 hours, the asset had gained 20.4% over the previous 7 days.
Since the two assets were pitted against one another by the crypto space, it is uncommon to see the top altcoin outperform Bitcoin in that area.
Increase in the Market Cap of Ethereum
Ethereum not only succeeded in crossing the important $1,500 threshold, which has been difficult for the cryptocurrency asset in recent weeks. The altcoin king first made a settlement for $1,347 before reaching its current spot trading price.
Its market capitalization increased to $186.395 billion thanks to an extraordinary price pump. Since ETH's market capitalization on October 25 was only a little over $164 billion, it ended up being nearly $20 billion richer.
If the asset maintains its pace, its prices may approach their all-time high as November approaches (ATH).
Recall that on November 10, 2021, Ethereum reached a significant trading price of $4,878. ETH, however, has already lost 68.3% of that value as it has been unable to gather enough momentum for a bullish run despite this year's significant network expansion.
It will be interesting to see how the Bitcoin competitor will finish October, which is rumored to be a good month for all crypto assets.
Ethereum Price Exceeds Predicted Level for November
The ETH community has always been highly outspoken when predicting the price of the cryptocurrency. In fact, they have previously forecasted that by the end of the following month, Ethereum will trade at $1,488.
But before October is out, the digital asset will have surpassed that projection. This would imply that ETH will undergo a price correction before leaving the market in November 2022 if it is able to maintain its present price over the coming weeks or advance to even greater heights.
As long as Ethereum continues to go in a bullish direction, the asset's community will be more than glad to be proven incorrect about their projection.