Etherum Hits A New All-Time High. Ethereum, a cryptocurrency that runs on a technology system known as the ethereum blockchain has just hit a new all-time high. Ethereum is the second-largest cryptocurrency behind bitcoin. The six years old cryptocurrency is the most used coin in the market and has experienced a great increase in price in 2021.
Etherum Hits A New All-Time High
Ethereum which is the most widely used cryptocurrency reached a new all-time high which is $4,400 on Thursday night. Its previous all-time high was $4,379 which it reached about 5months ago. At the beginning of this year, Ether‘s price was $383.
Ethereum‘S Crash In May 2021
There was a huge crash in the price of cryptocurrency as a result of China‘s move to ban financial institutions and payment providers from offering services related to cryptocurrency transactions. This affected the prices of so many cryptocurrencies including Ethereum, Bitcoin, Dogecoin, Binance coin, amongst others. The fall was also triggered by the news of Tesla‘s decision to no longer accept Bitcoin as a mode of payment.
After a dip in price in July 2021 under $1800, its price started climbing back, hitting the $4,400 mark on Thursday, 28th October. At the time of writing, the price stands at $4,333.19.
Why Ethereum‘S Price Rose
It can be very difficult to pin down the cause of the cryptocurrency‘s price movements to one particular cause, but the new high seems to be as a result of the implementation of an upgrade to the Ethereum Blockchain that will make minting new coins significantly more energy-efficient and the twin accelerators of the Shiba Inu coin‘s massive volume.
Ethereum, The Default Currency In Crypto Markets
Although Bitcoin enjoys more widespread recognition, developers prefer the Ethereum network to build NFTs and altcoins. This is because Bitcoin‘s function is largely limited to it being a speculative asset. This essentially means that Ethereum has become the default currency in the cryptocurrency markets.
Shiba Inu, a riff on the famous Dogecoin “meme coin“, one of the many altcoins built on the Ethereum network became the latest crypto sensation this week reaching a record high of $0.000086 on Wednesday 27 of October, moving up from $0.0000000001 from last October. According to coinbase, It has grown by more than 70,000,000% in the past year and 960% just this past month.
Like other crypto prices, Ether continues to fluctuate and there is no guarantee that its price will remain at this height. Further research can be done on Google.