Ethereum Price Reaches ATH
Following its recent bull rally, Ethereum’s Price reached its ATH and set a new one.
The previous ATH was at the $1396 price mark, recorded in January 2018. A new ATH has been set at $1438 ( Binance).
The price of Ethereum has increased by over 14% since yesterday. The price rallied from $730 at the beginning of the year to almost double the price in less than three weeks. The price recently retraced to the $900 level before continuing the uptrend.
Volumes of Ethereum traded has also increased, thereby supporting the uptrend. More than $37 billion worth of Ethereum has been traded under 24 hours, with more traders joining the market to partake in the rally.
The market capitalization of Ethereum has also increased due to the uptrend. The market capitalization of Ethereum stands currently at $159 million, second only to that of Bitcoin.
The price of Ethereum has significantly benefitted from the Decentralized Finance built around its ( Ethereum) network and the upward rally of alternative coins.
Also, the volume of transactions processed on the Ethereum network is 28% more than that of the Bitcoin network.
According to a tweet from Ryan Watkins, a senior research analyst at the famous crypto analytics firm, Messari, Ethereum now processes $12 billion in transactions daily compared to $9 billion processed on the Bitcoin network. Ethereum and stablecoins powered by Ethereum have processed $12.3 billion in transactions under 24 hours compared to the $9.3 billion processed by Bitcoin and Omni-based USDT. It is also worthy to note that the transaction fees on Ethereum are higher than that of Bitcoin.
Ethereum blockchain began a significant update in 2020 called Ethereum 2.0. This upgrade is to make the network more secure and faster in processing transactions. Ethereum is in a parabolic movement and could hit $1,600 within few days, according to the Fibonacci retracement tool.