Crypto Currency Cardano Reaches 5-Month Peak While Bitcoin and Ethereum Maintain Near Record Values
In the dynamic world of cryptocurrencies, the past week has been marked by significant movements and developments. Let's delve into the key happenings.
Ethereum Climbs Towards Its All-Time High
Ethereum is making a strong comeback, closing in on its all-time high. At the time of writing, it stands just 3.6% away from its peak, having surged by 3.9% over the past week. The prediction market, Myriad, developed by Decrypt's parent company DASTAN, suggests a 86% chance of Ethereum reaching $5,000 by the end of the year.
Ethereum Price Predictions for 2025 and Beyond
While there are no credible predictions about Ethereum reaching $5,000 or its all-time high by the end of 2021, several analysts and technical models project Ethereum breaking above its 2021 high of about $4,878 and reaching $5,000 to $6,000 in the near term to end of 2025. More aggressive long-term targets for 2025-2026 range between $7,700 (conservative) up to $16,700 (primary bull case), with some even suggesting up to $30,000 depending on adoption and market conditions.
Cardano's Impressive Performance
Cardano has been the biggest weekly winner out of the eight blockchains that participated in the Glacier Drop, distributing NIGHT tokens over two months. It has also emerged as the biggest winner over the past 24 hours among the top 100 cryptocurrencies by market capitalization, with its ADA token jumping 10.7%. Over the past seven days, Cardano has even surpassed Justin Sun's TRON in the top 10 cryptocurrencies by market capitalization.
Other Notable Mentions
- Bitcoin set a new all-time high on Wednesday, climbing 3.9% on the week to reach $124,128.
- Solana has jumped 17.1% over the past week, while BNB has increased by 10.8%.
- The crypto market is trading fairly flat on the day despite these surges.
- Over $481 million worth of crypto positions have been liquidated in the past day, with $245 million in short positions and $235 million in longs.
Ledger Wallet Issue and Workaround
Ledger hardware wallet users holding Cardano were initially prevented from redeeming the airdrop due to a software issue with the wallet. However, the Midnight Foundation, the team behind Cardano, released a workaround for Cardano Ledger users to redeem the airdrop.
Flat Market Despite Surges
Despite these significant surges, the crypto market is trading fairly flat on the day, indicating a mixed sentiment among investors. As always, it's essential to stay informed and make decisions based on thorough research and understanding of the market.
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