Ethereum ($ETH), the world’s second-largest cryptocurrency, has closely followed $BTC price movements over the years – typically lagging just one step behind Bitcoin rallies as traders rotate out of profits. So it’s no surprise that $ETH surged past the $3,000 mark for the first time since April 2022, just after $BTC crossed $51,000. Amidst market speculations for an Ethereum ETF, this new price marks a major milestone for the network.
Analysts generally attribute $ETH’s new price to market factors like decreased supply, staking demand, and DeFi popularity; they are however divided on the continued run of $ETH’s new price. In the midst of these uncertainties however, memecoin $GFOX has been a beacon of hope for investors as it heads towards its retail launch.
$ETH’s Journey to $3K
Like many other cryptocurrencies, 2022 wasn’t the best year for $ETH. The coin fell below $1000, losing over 65% of its value from the previous year. Thanks to the Shapella upgrade, the token regained some of its price magnitude in 2023, reaching over $2800 in April. Since then, breaking the $3,000 price mark this month is the most significant price change the network has seen, and possibly foreshadows a much larger rally to come.
Many analysts have attributed $ETH’s new price to the successful completion of the merger in September 2022 that transitioned Ethereum to a more energy-efficient proof-of-stake network and the subsequent Shanghai/Shapella upgrade in April 2023 that allowed the network to process the withdrawal of staked Ethereum. These analysts believe that Etherum’s growing utility has gained the confidence of more investors, thus its growing value and price.
Other analysts have, however, linked $ETH’s new price to growing market anticipation of its spot-based ETF, similar to Bitcoin’s ETF approval by the U.S. SEC in January 2024. These analysts believe that the approval of ETH’s ETF in May will attract more institutional investors and push its price to $3,600 before Q4 2024.
On the other hand, some analysts have argued that the historical correlation between Bitcoin and Ethereum prices is a source of concern. According to these analysts, if BTC’s bullish price falters, it would have a ripple effect on Ethereum, further limiting its price below the $3,000 resistance level.
There have also been speculations in crypto circles that the Ethereum Dencun upgrade, scheduled to take place in March 2024, will improve the network’s scalability. But if it fails to meet expectations, some analysts have warned of a potential price drop all the way back to $1,700. This is unlikely considering the upgrade’s proven success on Ethereum testnets, where improvements are tested before being implemented on the main blockchain. Yet broader macroeconomic factors, like the Federal Reserve’s monetary policies, may also affect Ethereum’s price.
There are, therefore, two sides to $ETH’s bullish run, and only time will tell how far the coin can go and if it can maintain the $3,000 resistance level. This uncertainty has made many investors tilt towards more stable and predictable memecoins like $GFOX, which is currently rallying towards its official launch. And which has significantly higher upside potential due to its much smaller market cap.
$GFOX Rallies Ahead of Retail Launch
Galaxy Fox ($GFOX) is a strong contender for the best memecoins in 2024. The token has generated huge interest with its upcoming launch and its price potential. This multi-utility token is currently in the presale stage, but it already has a range of applications in its community.
Galaxy Fox’s core feature is its captivating P2E game, where players can earn GFOX tokens. The platform also rewards the top 20% of its users after every gaming session.
According to its whitepaper, Galaxy Fox is utilizing its unique Fox-themed characters to design impressive NFTs, which will be exclusive to its community. These NFTs may be part of the platform’s in-game currencies, which players can trade on exchange platforms like OpenSea.
Galaxy Fox is devoted to its community; hence, a percentage of every transaction is deposited in the community’s treasury. This has also earned the platform the loyalty of its users, who have remained active on different social media platforms.
$GFOX is currently in Stage 8 of its presale at a price of $0.002178. With over $3.5 million already raised and over 2.7 billion tokens sold, it is evident that Galaxy Fox is rapidly gaining momentum. The token’s presale stage 9 is poised to open at a price of $0.002376.
$GFOX’s utilities and offerings are a clear indication that the platform aims to outperform other tokens. Its potential to compete with established gaming tokens while maintaining its meme features suggests it is a viable and innovative investment option.
Final Thoughts
Etherun investors are excited about the coin’s new price of over $3,000; however, analysts have raised concerns about the historical correlation between Bitcoin and Ethereum prices and the potential impact of the Ethereum Dencun upgrade in March 2024.
While Ethereum’s future price remains uncertain, Galaxy Fox’s has shown its potential to change the crypto space with its memecoin features and innovative utilities. The coin has demonstrated huge profit potential for early investors. Now is a good time to join the Galaxy Fox Train.
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