Crypto Market Update: Metaverse propels ETH price to record

By Raffaele Redi

The re-emergence of inflation concerns brought investors back on the crypto market

Institutional adoption and support has seen the price of bitcoin rising as JPMorgan has renewed its $146,000 long-term price target for bitcoin, following the initial release made in January. The US investment bank giant confirmed the increasing interest from investors over bitcoin, to the detriment of gold, as a hedge against inflation.

“The re-emergence of inflation concerns among investors during September/October 2021 appears to have renewed interest in the usage of bitcoin as an inflation hedge,” JPMorgan strategist Nikolaos Panigirtzoglou said.

According to Currency.com, bitcoin’s price was trading slightly higher at $61,785.28 during the last 24 hours. The largest cryptocurrency for market capitalisation was up around 0.1% at 10:00 GMT – but was higher by 1.4% in the last seven days. The market cap of BTC was around $1.16trn (£861bn) representing around 44 % of the crypto market capitalisation, while the leading crypto’s trading volume was around 9.6% lower at $32.2bn in the last 24 hours.

Meanwhile, the total crypto market capitalisation was almost stable at $2.718trn in the past 24 hours.

Ethereum smashing all-time records

As Ethereum (ETH) draws closer to the Merge or the ETH2.0 upgrade and following the Altair beacon chain upgrades, the ether community announced Devcon event updates in 2022, announcing changes including an improved user experience, better discoverability of content, reduced reliance on YouTube, more decentralised content, and community involvement in curation.

Driven by the metaverse and the momentum surrounding NFTs, the price of the digital silver reached its all-time high at around $4,664.91 on Wednesday, before retracing to its current price of $4,509.13.

Since London Hard Fork, the network has burned around $3.4bn or ETH770, with a net reduction of 62.3%. Though, according to BitinfoCharts.com data, the average ETH transaction fee rose to around $46.80 today or ETH0.01. Ether was trading slightly lower by 0.3% with a market capitalisation of $533.6bn. The cryptocurrency’s trading volume was around 14.3% lower at $17.5bn in the past 24 hours. 

Meanwhile, Binance Coin (BNB), the third-largest cryptocurrency reached a market cap of $100bn and was trading higher by 8.5% at $602.07 with a trading volume of $3.1bn, almost flat in the past 24 hours.

Top gainers and losers

Elsewhere, the likes of Crypto.com Coin (CRO), Kadena (KDA), Arweave (AR), witnessed all more than 15% increases in their price in the last 24 hours.

On the opposite side of the coin, profit-taking pulled Loopring (LRC) and The Sandbox (SAND) prices lower by more than 10%, while SHIBA INU (SHIB) was trading lower by 9% after a 26% loss during the last seven days.

All prices are correct as of 10:00 GMT.

Further reading: Sotheby’s Metaverse: Lavish NFTs hoarded by Meta4 Capital

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