In a remarkable new development, Ethereum (ETH) soared to another milestone by breaking the $2,000 price resistance, driven by the optimism surrounding the news that the crypto giant, BlackRock, submitted another ETF for SEC review.
Record-Breaking Daily Revenue For Ethereum
Following this accomplishment, Ethereum’s daily revenue witnessed a significant surge, arriving at a four-month high of $10 million on November 9. Erik Smith, Chief Investment Officer of 401 Capital, highlighted this critical turn of events, emphasizing the positive direction of Ethereum’s financial performance.
Consistent Ethereum Growth in Daily Revenue
Data from Tokenterminal uncovered a consistent increase in Ethereum’s daily revenue all through the first ten days of November. Prominently, the average daily income multiplied from $5 million in the underlying five days of the month. This vertical pattern suggests elevated on-chain activity, including smart contract deployments and fund transfers, which contribute to increased gas fee payments.
Market Resilience Above $2,000
Despite the volatility in the cryptocurrency market, Ethereum has demonstrated resilience by keeping up with prices above the psychologically significant $2,000 support level. This basic reaction level underscores Ethereum’s robust position in the market and its capacity to withstand market fluctuations.
Implications of Increased Daily Revenue And What To Watch Out For
The surge in daily revenue aligns with Ethereum’s ongoing efforts to improve network activity and utility. As on-chain activities continue to rise, Ethereum’s role as a main blockchain platform is reinforced, further solidifying its position in the crypto space.
In conclusion, Ethereum’s surge past $2,000 and the subsequent spike in daily revenue mark a bullish period for the platform. The positive force, combined with increased on-chain activity, positions Ethereum well in the steadily developing cryptocurrency landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.