Ethereum ETH/USD has been the go-to blockchain network for a lot of altcoins, decentralized finance (DeFi) projects, and decentralized applications (dApps).
It has showcased a high level of growth and has remained on the second spot in terms of market capitalization for years.
The Sotheby’s ETH bids as a catalyst for growth
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On November 2, CME Group said that they would launch a new Ethereum-based product to attract smaller investors.
On November 11, Sotheby’s made an announcement that they would launch live bidding increments in Ether (ETH) for Banksy’s “Trolley Hunters” and ”Love Is In The Air.” This is set to occur on November 18.
That said, Sotheby’s claims that this will be the first time an auction house has accepted cryptocurrency in real-time as a standard currency for payment in an auction on physical works of art.
While the bidding prices will get announced in ETH, the winning bidders have the option to pay in Ether (ETH), Bitcoin (BTC) as well as USD Coin (USDC).
This added publicity to Ethereum and further utilization within real-world auctions have the potential to increase the value of the token even further.
Should you invest in Ethereum (ETH)?
On November 12, Ethereum (ETH) had a value of $4,615.
To get a better perspective as to what kind of value point this is for the token, we will be comparing it to it’s all-time high value as well as its performance in October.
Ethereum achieved its all-time high value on November 10, when the ETH token reached a value of $4,878. Here we can see that the token was $263 higher or 5% higher in value at its all-time high value.
When we look at the token’s performance in October, we can see that its lowest point was on October 1, when ETH had a value of $2,993.
The highest value point for ETH of the month was on October 29, when the token reached $4,445.
This gives us an indication that the token grew in value by $1,452 or by 48%.
According to data from IntoTheBlock, Ethereum saw $67.66 billion in transactions greater than $100,000 within the last seven days.
Additionally, within the last seven days, ETH also had $8.98 billion in total exchange inflows and $8.81 billion in total exchange outflows.
With all of this in mind, we can expect the token to reach $2,900 by the end of November, making it a solid investment.
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