Long Beach (CooinChapter): Ethereum, the second-largest crypto by market cap, has set a new all-time high. The price reached $2,087 breaking its previous high of $2,041. Though it has pulled back some, the price remains trading above the $2,000 mark.
This price surge has been building throughout the week and there are potentially multiple different factors that contributed to it. One of those could be a handful of high-profile investors endorsing the blockchain including Dallas Mavericks owner Mark Cuban.
In a recent podcast interview Cuban said, “Smart contracts came along, and that created DeFi and NFTs. That’s what changed the game, that’s what got me excited. That’s why it’s a lot like the internet.” Additionally, Cuban noted that he believes Ethereum is the closest thing to true currency.
Ethereum has enjoyed a big year so far. It has played a major role in the rise of NFTs. Non-fungible tokens are exploding around the world and most of them are minted on the Ethereum blockchain. Therefore, most of the transactions in the NFT market are being done in ETH.
Likewise it is also the blockchain that powers most DeFi applications. This includes popular decentralized exchange Uniswap, which handles billions of dollars in volume on a daily basis.
The second largest crypto has also seen some interest from traditional payment processors as well. Visa recently announced it would be settling transactions for USD Coin using Ethereum.
Immense anticipation for Ethereum upgrade
That’s not to mention the immense anticipation for upgrades within the Ethereum network, particular Ethereum 2.0. This major upgrade will scale the Ethereum network and fully transition its blockchain over to a proof-of-stake algorithm.
source: Tradingview.com
Since Ethereum dropped down to around $1,546 ETH has posted four consecutive green daily candles and today would be the fifth it it closes green. Overall the crypto has gained 6% over the last 24 hours and 183% since the beginning of 2021.
Corey has been involved in media and writing since graduating from the illustrious Howard University with a degree in Broadcast Journalism. While relatively new to the cryptocurrency world, he has been writing since 2012 with most contributions coming in the sports world on websites such as LakersNation.com and DodgerBlue.com. Corey is also an avid sports fan who closely follows the Lakers, Cowboys, Dodgers, WWE, and UFC.
3AC acquired Ethereum (ETH) when it was trading near $2800. ETH rallies by 16%, outperforms BTC. LAGOS (CoinChapter.com) —...
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.