Ethereum is in a great position to continue growing. The NFT market has renewed momentum that might see it exceed 2021’s all-time high. Recently, the cryptocurrency has crossed the $3,800 mark, a price point not reached since December 2024, indicating a positive shift in the market sentiment.
Ethereum reached an all-time high of nearly $4,800 in November 2021. This increase occurred at the very peak of the NFT bubble. Now that the NFT market is recovering, Ethereum’s price will likely rise along with it.
Ethereum’s relationship with NFTs is not only longstanding but foundational. This is a view many hold towards NFTs—that they have uses beyond just financial speculation. They represent culture, status, and a sense of belonging among the digital elite.
"NFTs are the backbone of the Ethereum cultural economy much more than just financial, it’s about culture, status and ultimately belonging." - Yat Siu
Ethereum is commonly referred to by those in the know as a ‘spending’ token, in contrast with other cryptocurrencies that have formed different ecosystems. This feature makes its worth highly dependent on what happens on the network. These use cases range from DeFi to token transfers to NFT marketplace trading.
Experts say the value of Ethereum will rise dramatically should the community rally around NFTs as cultural artifacts. This view underscores the inherent, cultural, and societal value of these born-digital objects past their market value.
"ETH is a utility token and holding it is for the opportunity to engage in something important i.e to spend such as in DeFi, some token and yes also NFTs. This is also the reason why ETH rising is bullish on-chain because we spend unlike BTC users whose culture is infinite HODL." - Yat Siu
At this point Ethereum’s stronghold on the NFT market has not only fallen but crumbled. Today, it represents less than 50% of total NFT trading volume when not counting as Layer 2 networks. This move comes amid significant competition from other platforms and technologies in the NFT space.
