The price of Ethereum (ETH) soared by 530 percent to $4,700.

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Ethereum (ETH) is back above $4,700 at the time of writing, after numerous dives below the $4,000 mark. In fact, as the monthly candle closes, the crypto is driving the market.

As a result, the token ETH is surging, with a gain of more than 500 percent in 2021.Furthermore, since its fall in October, the crypto community has been buzzing around the hype of the new record highs.

As a result, some Ethereum proponents anticipate the cryptocurrency will reach $5,000 before the end of the year. On November 10, Ethereum’s price surpassed $4,850, setting a new all-time high. In more detail, the decision is motivated in part by the potential for the blockchain platform to develop as a result of a greater focus on the metaverse.

In particular, Facebook (NASDAQ: FB), now known as Meta, has increased its focus to expanding its online business. Last week, institutional investors poured $23 million into ethereum-based goods. In addition, this is the fifth week in a row that inflows have been recorded.

BTC, on the other hand, is consolidating. If ETH has a solid Monthly Close, it may raise BTC along with it into December. Before this recent dip, BTC and Ethereum were both at or around all-time highs, with Bitcoin reaching a new all-time high of almost $68,000 in November.

Nonfungible tokens (NFTs) and decentralized finance are two applications that use the Ethereum network (DeFi). Ethereum is also an open- source blockchain, which means that developers can construct new apps on the network.

Story by : Norvisi Mawunyegah