{"id":566712,"date":"2021-05-03T13:05:55","date_gmt":"2021-05-03T10:05:55","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=566712"},"modified":"2021-05-03T13:05:55","modified_gmt":"2021-05-03T10:05:55","slug":"eths-price-growth-above-3k-is-supported-by-high-transaction-volumes","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/eths-price-growth-above-3k-is-supported-by-high-transaction-volumes\/","title":{"rendered":"ETH&#8217;s Price Growth Above $3k is Supported by High Transaction Volumes"},"content":{"rendered":"<ul>\n<li><strong>Ethereum has broken past the $3k price ceiling setting an ATH of $3,204 &#8211; Binance rate<\/strong><\/li>\n<li><strong>Ethereum&#8217;s NVT ratios indicate that price growth is supported by high transaction volumes<\/strong><\/li>\n<li><strong>ETH has now exceeded Walt Disney and Bank of America in terms of market capitalization<\/strong><\/li>\n<li><strong>Ethereum maintaining the $3k support will be essential for further growth<\/strong><\/li>\n<\/ul>\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/latest-ethereum-eth-news\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Ethereum (ETH)<\/a> has lived up to the <a href=\"https:\/\/en.ethereumworldnews.com\/ethereums-one-month-correlation-with-btc-drops-to-68-as-3k-beckons\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">expectation of breaking the $3k ceiling<\/a> in the month of May. Earlier today, Ethereum set a new all-time high of $3,204 &#8211; Binance rate.<\/p>\n<h2>Ethereum&#8217;s NVT Ratio Shows that ETH&#8217;s Price Growth is Backed by High Transaction Volumes<\/h2>\n<p>According to the team at Glassnode, Ethereum&#8217;s current price growth is organic and backed by high transaction volumes. Furthermore, Ethereum&#8217;s NVT ratio is low and indicative that the transaction volumes are growing at a faster rate than the network&#8217;s market cap.<\/p>\n<p>The team at Glassnode shared this information through <a href=\"https:\/\/twitter.com\/glassnode\/status\/1389105220127363073\" target=\"_blank\" rel=\"nofollow noopener\" data-schema-attribute=\"\">the following statement<\/a> and accompanying chart highlighting how low NVT ratios are pointing towards <a href=\"https:\/\/en.ethereumworldnews.com\/ethereum-will-continue-to-outperform-bitcoin-eth-at-4k-possible\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">a bullish future for Ethereum<\/a>.<\/p>\n<blockquote><p><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">As <\/span><span class=\"r-18u37iz\">$ETH<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\"> price reaches over $3,000 setting a new ATH, the NVT Ratio is driven back down towards this cycles lows. Low NVT Ratios indicate transaction volumes are high and growing faster than the network market cap. Today&#8217;s market strength is supported by volume settled on-chain.<\/span><\/p><\/blockquote>\n<h2><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/05\/Ethereum-NVT-Ratios-May-3rd-scaled.jpg\"><img class=\"aligncenter size-large wp-image-566713\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/05\/Ethereum-NVT-Ratios-May-3rd-1024x576.jpg\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/05\/Ethereum-NVT-Ratios-May-3rd-1024x576.jpg 1024w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/05\/Ethereum-NVT-Ratios-May-3rd-300x169.jpg 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/05\/Ethereum-NVT-Ratios-May-3rd-770x433.jpg 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/05\/Ethereum-NVT-Ratios-May-3rd-1536x864.jpg 1536w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/05\/Ethereum-NVT-Ratios-May-3rd-2048x1152.jpg 2048w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/05\/Ethereum-NVT-Ratios-May-3rd-500x281.jpg 500w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/05\/Ethereum-NVT-Ratios-May-3rd-240x135.jpg 240w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/05\/Ethereum-NVT-Ratios-May-3rd-717x403.jpg 717w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/05\/Ethereum-NVT-Ratios-May-3rd-1347x757.jpg 1347w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" title=\"\"><\/a>Ethereum Exceeds Walt Disney, Bank of America, Home Depot, in Market Cap<\/h2>\n<p>At the time of writing, Ethereum is trading at $3,173 with a market capitalization of $367.5 Billion. Ethereum&#8217;s current price action above $3k means that it has exceeded the following &#8216;traditional&#8217; companies in terms of market capitalization.<\/p>\n<ul>\n<li>Home Depot &#8211; $348.1 Billion<\/li>\n<li>Bank of America &#8211; $347.31 Billion<\/li>\n<li>Walt Disney &#8211; $337.67 Billion<\/li>\n<li>Nestle &#8211; $337.38 Billion<\/li>\n<li>Procter and Gamble &#8211; $307.99 Billion<\/li>\n<li><a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-sets-its-eyes-on-62k-as-paypal-increases-crypto-adoption\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Paypal<\/a> &#8211; $307.99 Billion<\/li>\n<\/ul>\n<h2>What Next for Ethereum in the Crypto Markets?<\/h2>\n<p>With its new all-time high of $3,204, the second most valuable digital asset of Ethereum has literally entered uncharted territory. Therefore, Ethereum needs to hold several crucial short-term support areas above $2,700 if the current bullish momentum is to be maintained.<\/p>\n<p>The crucial short-term support areas for Ethereum include:<\/p>\n<ul>\n<li>$3k<\/li>\n<li>$2,950<\/li>\n<li>$2,860<\/li>\n<li>$2,790<\/li>\n<li>$2,722<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum has broken past the $3k price ceiling setting an ATH of $3,204 &#8211; Binance rate Ethereum&#8217;s NVT ratios indicate that price growth is supported by high transaction volumes ETH has now exceeded Walt Disney and Bank of America in terms of market capitalization Ethereum maintaining the $3k support will be essential for further growth Ethereum (ETH) has lived up to the expectation of breaking the $3k ceiling in the month of May. Earlier today, Ethereum set a new all-time [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":562362,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[823],"tags":[1322,108122,213,5016],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/566712"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=566712"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/566712\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/562362"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=566712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=566712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=566712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}