October 2, 2022

Ethereum (ETH) Breaks All-Time High Following 7% Daily Price Increase

2 min read

Ethereum has been on a roll in the previous week or two by gaining over $500 of worth. This has led to a brand-new all-time high reached today of over $2,080.

  • Simply a little over a week ago – – on March 24th – ETH dropped to a low of $1,520 throughout a market-wide retracement that drove all crypto possessions south.
  • However, the second-largest crypto has decisively reversed the trend since then. In the following 9 days, ether added about $500, which led to breaking above $2,000 earlier today as CryptoPotato reported.
  • Moreover, the growing institutional need towards the cryptocurrency didn’t stop with just conquering this round-numbered milestone. Ethereum continued additional north and painted a brand-new all-time high minutes ago of over $2,080 (on Bitstamp).
ETHUSD. Source: TradingView
ETHUSD. Source: TradingView Naturally, the increase in its rate per coin implied that ETH’s whole market cap rose as well. Since writing these lines, the metric has actually surpassed $240 billion.
  • According to data from AssetDash, this places Ethereum in the leading 35 properties by market cap. The last notable name that ETH exceeded on its method up was Netflix. This followed removing Coca-Cola Company, AT&T, Nike, and more.
  • It’s worth keeping in mind that Ethereum likewise rose against the main cryptocurrency – – bitcoin. The ETH/BTC ticker on TradingView reveals an increase to a 3-week high of about 0.035.
  • Apart from institutional adoption and high-net-worth people, such as Mark Cuban, buying ETH parts, Ethereum’s network has actually also enjoyed a high level of usage.
  • Its blockchain is the underlying innovation behind 2 of the most growing crypto fields lately – – decentralized financing (DeFi) and non-fungible tokens (NFTs).
  • The upcoming release of Ethereum 2.0, which will represent the transition from the existing proof of work agreement algorithm to proof of stake, brings in considerable attention as well.