CryptoQuant noted that market participants are now buying ether at higher prices, which indicates the growth potential of the cryptocurrency within the current cycle. The daily transaction volume is in the range of 6.5-7.5 million, while in 2023 this figure was approximately 5 million. This has led to an increase in transaction fees and an increase in the number of coins burned.
The total volume of assets under management of exchange-traded funds (ETFs) for ether exceeded $13 billion and over the past 24 hours more than $102 million has been received into ETF-ETH. Such dynamics indicate the ability of the second largest cryptocurrency by capitalization to reach new price highs in the short term, analysts say.
“Based on valuation metrics, ether may exceed $5,000 due to growing network activity and the arrival of new investors,” the experts concluded.
Earlier, Bitwise investment director Matt Hougan and head of research Ryan Rasmussen published a forecast for Bitcoin and Ethereum rates for 2025. According to experts, cryptocurrencies will reach new historical highs.
Source: Bits
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