The cryptocurrency market has seen its first positive growth in weeks, with its total market capitalization increasing by over $60 billion in the past 24 hours.
During this surge, Ethereum (ETH) attracted more than $20 billion in market capitalization within less than a day—rising from $164.42 billion on October 25 to $185.06 billion on October 26, according to Finbold data retrieved from CoinMarketCap.
Additionally, the price of ETH broke through the critical $1,500 level, climbing from $1,347 to $1,517—a 14.58% increase in a single day and a further 16.65% gain over the previous week. This upward momentum has also solidified Ethereum's position as the most popular cryptocurrency on CoinMarketCap.
Ethereum Community Price Predictions
As of October 25, the Ethereum community predicted that ETH would trade at $1,488 by November 30, 2022—a 10% increase at the time. Interestingly, this forecast now sits below the asset's current price. With estimates continuing to evolve, it will be intriguing to see whether a more bullish average price emerges by the end of November.
Institutional interest in Ethereum is also growing. Fidelity, a financial giant, announced plans to offer institutional users access to Ethereum trading starting October 28, enabling them to buy, sell, and transfer the asset. This decision was partly influenced by Ethereum's recent Merge upgrade.
Meanwhile, Santiment reported on October 20 that Ethereum billionaire whale addresses—holding 1 million or more ETH—had collectively added 3.5 million tokens since September 11, increasing their cumulative holdings by 14%.
CFTC Classifies Bitcoin and Ethereum as Commodities
On October 24, the Chair of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, declared Bitcoin and Ethereum as commodities. When asked whether the CFTC or the Securities and Exchange Commission (SEC) would hold greater regulatory authority, Behnam stated:
"The idea that two agencies can’t figure this out and work together is a very cynical view."
He reiterated his stance that Bitcoin and Ethereum are commodities, despite SEC Chair Gary Gensler's opposing view. While Gensler previously acknowledged Bitcoin as a commodity, he now argues that ETH and other proof-of-stake (PoS) cryptocurrencies should be classified as securities.
FAQ
Why did Ethereum's price surge past $1,500?
The price increase was driven by renewed market optimism, institutional interest (such as Fidelity's Ethereum trading services), and the broader cryptocurrency market recovery.
How does the Merge upgrade impact Ethereum's value?
The Merge transitioned Ethereum to a proof-of-stake consensus, enhancing scalability and reducing energy consumption—factors that improve long-term viability and investor confidence.
What does the CFTC's classification mean for Ethereum?
Classifying ETH as a commodity provides clearer regulatory guidelines, potentially encouraging institutional adoption and reducing legal uncertainty.
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