Ethereum, the second-largest crypto asset by market cap, has just hit a new all-time high above $1900 taking it very close to the $2000 mark, this is according to data obtained from Coinmarketcap but the value of the asset has since corrected to around $1913. Regardless of this, this proves that the increased demand for the digital coin has played a role in pushing it to this new height.
Ether, for most part of this month, has been trading sideways ever since it broke its previous all-time high, with its price consolidating around the $1,600 to $1,700 range. The performance of the asset has also been very encouraging when compared to that of BTC, its year-to-date analysis says its value has increased by 160% when compared to that Bitcoin which stands at 85%.
The rise of Ethereum has been tied to the entrance of the interest of institutional investors plus the upcoming upgrade to Ethereum 2.0. The upgrade would see the digital asset move to a proof-of-stake network which analysts believe would help to decrease the challenges associated with the token. Already, over 3 million ETH tokens have been staked in Beacon Chain and it is worth over $6 billion.
The launch of CME Global ETH futures contract has also played a part in this meteoric rise of the asset. We reported that the firm’s CEO had said that the opening day of the contract was quite impressive plus Grayscale had also made some purchase of the digital asset.