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Ethereum news is making rounds as its value is coming close to the much-observed mark of $5000 amid a booming market cap.
Its market capitalization edged past Netflix to hit $566.82B. Such price performance and recent Ethereum news on network advancements could push the prices up.
Ethereum’s Price Push Toward $5,000
Recent trading data shows the Ethereum price standing just 5% below the $ 5,000 mark. It traded at approximately $4,750 as of press time, with charts displaying a rather bullish market environment.
ETH will now test the resistance levels at $5,000, with current support standing at $4,667.
Ethereum has continuously been recording higher highs and higher lows. This implies that the rise might not have ended yet, as long as it maintains support.
Ethereum News: ETH Surpasses Netflix in Market Cap
In other Ethereum news, ETH’s market capitalization has now surpassed that of Netflix, ranking ETH among the 25 biggest assets on the planet.
Ethereum currently ranks 22nd with a market cap of 566.82 billion. Netflix comes in at 520.65 billion. The increase in the market cap highlights an increase in investor interest.
Ethereum News: Ethereum Foundation to Reduce ETH Holdings, Denies Recent Transfers
The rise comes at a time when the Ethereum Foundation is set to decrease its amount of ETH. The share that the Foundation controlled of the total Ethereum supply of 9% in 2014 has now declined to under 0.3% today.
This planned reduction is an attempt to take the organization even more out of centralized control. The smaller portfolio by the Foundation follows increased exposure to Ethereum by corporate treasuries, which are piling in at a faster pace.
Among the most recent developments that were particularly prominent were the allegations that the Ethereum Foundation was involved in the transfer of 10,000 ETH to SharpLink Gaming in July.
This is one of many examples of corporations using Ethereum. SharpLink Gaming now holds the second-largest amount of corporate Ethereum. On-chain data shows that corporations have been buying more than 14 billion worth of Ethereum in the last few months, an increase in institutional appetite. With the Foundation exerting less of its control over the network, the course of Ethereum becomes more decentralized and appealing to large-scale investors.
A sell-off of $12.8 million worth of ETH sparked the tension over whether the move was by the Ethereum Foundation. On-chain monitors showed 2,975 ETH with a wallet address associated with the Foundation, prompting the possibility that it was some pre-existing ICO allocation.
Hsiao-Wei Wang, co-Executive Director of Ethereum Foundation, explained that the sale had not been tagged towards the Foundation. He said that lots of 2017 wallets were still there, but not under the care of the Foundation anymore.
As Ethereum reaches $5,000, the currency has never been so charged as it stands among bigger market giants. Added to the fact that Ethereum has quickly reached a wider adoption among institutions, its continued network upgrading makes it a serious participant in the global financial space.
All these could increase the momentum on the Ethereum price, increasing the likelihood it even reaches $6,000 or more should it break current resistance levels.
