Ethereum closed out its last 24-hour cycle at AUD 4,500. But since then, it has dipped below the AUD 4100 mark. This is the first time in a week that Ethereum prices have gone down to this level over the last seven days. Right now, Ethereum is being traded at AUD 4211.
The last week has been an interesting test for Ethereum. It has been testing the buyer-seller psychology at the $4000 mark. At the same time, ETH has also been experiencing an increased buying pressure. This suggests that ETH prices may soon be due for another major jump and may cross over to the AUD 5000 to 5500 range.
The increasing popularity of ETH is likely due to its improved avenues for adoption as well as its high utility functionality. New data released by cryptocurrency exchange Gemini (in conjunction with CoinMarketCap and Seddly) has shown that nearly 66% of Singaporeans who have made financial investments also own some form of cryptocurrency.
These cryptocurrencies held by Singaporeans are distributed as follows: Ethereum is 78% of all holdings, Bitcoin is 69% of holdings, Cardano is 40%, Binance Coin is 31%. Gemini also found that 1 out of every four respondents in Singapore own either XRP or USDT.
With the cryptocurrency market experiencing surges in prices and the growing popularity of digital currencies, NFTs and DeFi are also becoming more valuable. Over the course of the last month, the biggest gain in prices has been noticed by Axie Infinity Shards (AXL), Terra (LUNA), and Solana (SOL).
Industry experts are suggesting that a new alt season is on the way, with a number of altcoin prices expected to surge in the coming weeks. Another exciting new development in the world of digital assets is the announcement made by China’s biggest ecommerce operator Alibaba that they will open their own freely traded NFT marketplace.
Many new entrants are coming into the world of cryptocurrencies and digital assets, and this demand for cryptos is attested to by the increasing prices of different altcoins.