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Ethereum Reaches 20-Month High: ‘Going To $8K+,’ Trader Says

Ethereum ETH/USD surged 4% in the past 24 hours amid NFT trading volumes and an increase in validators.

What Happened: Ethereum’s one-year gain stands at 75%, with the asset reaching its highest level since June 2022. 

The Block data shows an increase in the volume of NFTs traded on Ethereum from Feb. 4 to Feb. 11 ($147.3 million) compared to $71.7 million registered from Jan. 28 to Feb. 4. The current levels are the highest since late February 2023.

The growth is driven by the third-ranked NFT collection, Pudgy Penguins, which is competing with the market cap of its rival, the Bored Ape Yacht Club, owned by Yuga Labs. An update indicated that Pudgy Penguins is developing Pudgy World,…

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