Ether is Rallying on the Market, Rising by 5 Percent Amidst Meme Cryptocurrencies’ Fame

Isaiah Richard, Tech Times 05 May 2023, 09:05 pm

It is not only meme coins that see fame and fortune towards the end of the week, as the second top coin, Ethereum, has seen a rally this Friday, May 5, where it closed weeknight with a significant 5 percent rise. Amidst its hardship to break the $2,000 price in the market, ether was able to inch closer to it, for its plans to further grow its valuation.

There has been a lot on Ethereum's plate in the past weeks, especially as the company and crypto are settling into its previous merger, centering on the Shapella upgrade.

Ethereum Rallies to $2,000, Ending the Week with a 5% Rise

Ethereum, the world's second-largest cryptocurrency, experienced a positive surge this Friday, as it rose by 5.61 percent, as per CNBC. The weekend concluded with Ethereum closing at a valuation of $1,990, just shy of the highly anticipated $2,000 mark.

Its highest rally this week saw as much as 6 percent, with its value reaching $1,999, before dropping down.

(Photo : INA FASSBENDER/AFP via Getty Images)

The recent rally indicates growing investor confidence in the digital asset, which previously broke the $2,000 valuation amidst its iconic Shapella Merge.

The Shapella update, a significant upgrade to the Ethereum network, has been a driving force behind the recent surge in Ethereum's price. This long-awaited update aims to enhance the scalability and efficiency of the Ethereum blockchain, opening the door to a wide array of decentralized applications (dApps) and smart contracts that gave developers and investors better control of their holdings.

Ether is Showing Dominance amidst Meme Coin Fame

The $2,000 valuation holds significant symbolic value for Ethereum, as it represents a major milestone in the coin's journey.

However, this is amidst the many meme coins which are rising in the market now, particularly as a significantly rallying one, Pepecoin, is close to reaching its $1 billion valuation.

There is also the new SpongeBob Token (SPONGE) which saw more than a 400-percent rise alongside the meme coins' fame.

Ethereum and its Crypto Performance

While Ethereum's rise to $2,000 has been met with enthusiasm, it is important to note that cryptocurrency markets are highly volatile and subject to rapid fluctuations.

Ether previously experienced this high when rallying, but also saw a decline alongside the top crypto.

Despite the excitement surrounding Ethereum's recent performance, market observers remain divided on its future trajectory. Some analysts predict further growth and believe that Ethereum has the potential to reach new all-time highs.

However, skeptics argue that the current cryptocurrency market may be experiencing a temporary surge driven by speculative investment.

As the cryptocurrency market rallies, Ethereum's performance will continue to attract attention from both seasoned investors and newcomers. Its ability to maintain and surpass the $2,000 valuation will be closely monitored by the industry participants, especially amidst the rise of meme coins.