ETH

Two factors could push the price of ETH above $5,000

This was reported by analysts from CryptoQuant.

According to them, investors are currently buying ETH at higher prices, indicating the potential for the cryptocurrency to grow within this cycle.

The daily transaction volume is in the range of 6.5-7.5 million, while in 2023 this figure was 5 million. This has led to an increase in fees and a rise in the number of coins being burned.

Additionally, the total assets under management of ETH-ETF exceeded $13 billion and amounted to over $102 million in the last 24 hours.

This indicates the ability of the second largest cryptocurrency by market capitalization to reach new price highs in the short term.