There is no other perfect gift for the holiday than that which Ethereum has given. The whole crypto community was surprised with the unexpected swing, which brought it to a new ATH of $2,147. Ethereum price has broken past its previous ATH, thus bolstering its place as the second-largest cryptocurrency.
Ethereum Price Rises Above Previous ATH
Ethereum started its ascent to the ATH following a drop to about $1,500 on March 25. However, the price broke above the $2,000 price mark yesterday and is currently trading up by 5.88% in the last 24 hours. This is particularly interesting considering that it was trading for about 7% of the current value last year.
Even with the scaling issues of the network, Ethereum has had quite a good performance in the past one year. The adoption of cryptocurrency has also been a major contributor to the price surge. A couple of days ago, Paypal announced that it will let U.S. users make purchases with cryptocurrency including the second-largest crypto asset.
Reasons for Ethereum Price Surge
According to on-chain data from Santiment, the ascension of ETH price to an ATH is due to the surge in network activity. Data from Glassnode also confirms an increase in the activity of retail investors as the number of non-zero addresses keeps rising.
The data reveals that the number of new addresses and active addresses on the network has surged lately. ETH deposits have also dropped on exchanges in the past few weeks which indicates a decline in selling pressure.
Cuban Mike, American Entrepreneur, believes that Ethereum’s smart contracts make it the closest to a digital currency. He continued that the adoption of Ether will surge in the future because it’s more life-like. The second-largest cryptocurrency is on its way to becoming the largest cryptocurrency as its market dominance has risen to 12.37 percent.
