Ether remains close to the $2,000 mark after breaking its all-time-high at around $2,150, but what has driven its growth?
Breaking new all-time highs, the recent price action of Ether (ETH) took the crypto market by storm and signaled an official start to alt season. Several analysts are predicting that Ether will surpass its previous all-time high of $2,130 and continue to outperform Bitcoin in the foreseeable future. Price predictions aside, Ethereum is undeniably leading the charge in crypto, being home to flagship decentralized finance and nonfungible token projects. However, this move comes at a time when the network is at a major crossroads.Although many layer-one projects have been labeled as “Ethereum killers” over the years, Ethereum is only now facing real competition, which has come mostly from its scalability and congestion issues. If no solution is able to effectively scale the network, Ethereum may soon enough start losing ground to rival smart contract platforms.Still, Ether is the undeniable king of altcoins, second only to Bitcoin (BTC) in terms of market capitalization. So, what factors are driving up the price of ETH, and is the competitive landscape shaping up to be a real threat to Ethereum’s dominance?NFTs go viralThere is substance behind the hype, as there are increasing volumes for NFT sales and auctions as well as use cases being applied, especially in the gaming industry and art world. However, digital artists are not the only ones capitalizing on the trend and exploring the technology.From celebrities like Logan …
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