Ethereum (ETH) could soon break above $5,000 per coin due to increased institutional demand, according to a new report, which would mark a record price for the second-largest cryptocurrency by market cap.
Not only that, but activity on the chain is buzzing, according to market intelligence firm CryptoQuant. The firm said in a Thursday note that inflows to the new ETH exchange-traded funds, or ETFs, had broken records.
Last week, investors pumped Ethereum funds worldwide with $1.2 billion in new cash—a record set just a few months after the spot ETH funds began trading in the U.S.
“Based on valuation metrics, ETH could be heading above $5,000 if current demand and supply dynamics continue,” the report said, adding that “renewed investor demand” was spurring the run.
CryptoQuant also noted that the blockchain was experiencing a lot of activity, with total daily transactions now at between 6.5 and 7.5 million for most of the year. Last year, the figure stood at about 5 million per day.
“Higher ne
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Author: Mathew Di Salvo
