PANews December 12 news, according to CryptoQuant analysts, driven by supply and demand dynamics and investor interest, the price of Ethereum is expected to break through $5000. On-chain data shows that daily transaction volume in 2024 has increased to 6.5 million to 7.5 million, and the usage of decentralized applications (dApps) has grown from 5 million times in 2023 to 6 million to 7 million this year. Meanwhile, the Ethereum burning mechanism has led to increased network fees and a slowdown in supply growth, further enhancing the asset's deflationary pressure.
Additionally, U.S.-listed spot Ethereum ETFs (such as those from BlackRock and Fidelity) attracted significant inflows this week, purchasing $500 million worth of Ethereum just on Tuesday and Wednesday. Over the past 13 days, Ethereum ETFs have seen a cumulative net inflow of $1.95 billion, with total assets reaching $13.18 billion, accounting for 2.86% of Ethereum's market cap.
As of today, the price of Ethereum is $3918, up 6% in the past 24 hours, outperforming Bitcoin (up 2%). The ETH/BTC ratio has also risen by 2.82%, indicating an increase in bullish sentiment towards Ethereum in the market.
