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Ethereum Jumps to Another All-Time High

Ethereum (ETH) has hit another all-time high in a space of just 10 days amid numerous developments across the digital space which have propelled investors to stake more money in the world of cryptocurrencies.

Today, Ethereum set a new all-time high, surpassing its previous high of $4,468, while its hashrate also set new highs. After surpassing its previous all-time high of $4,468 yesterday, Ethereum (ETH) has reached a new all-time high of $4,605 today, reported CoinMarketCap.

The record high corresponds with an all-time high for Ethereum’s hashrate — a metric that measures the network’s processing power — which hit 812,768.9228 GH/s

Several factors have contributed to ETH’s recent price boom. For starters, the expanding NFT market, which is mostly based on the Ethereum network, is one fundamental factor. Non-fungible tokens (NFTs) have rebounded from a slump in sales after surpassing $2 billion in the first half of 2021, and are once again all the rage.

It bears mentioning that in recent months, well-known western brands such as Budweiser and Visa, as well as some of the world’s most successful athletes and franchises, such as Tom Brady and Spain’s top football league, La Liga Santander, have embraced NFTs.

Other caps in the top 20 list also made positive strides toward achieving landmark valuations since markets opened on Monday this week. Flagship cryptocurrency Bitcoin was trading comfortably above $61,000, rising as high as $63, 230 at the time of writing this post.

Moreover, Ethereum rival Solana — the sixth-largest cryptocurrency by market cap — surged over 13% after setting a new all-time high price above $219 one week ago. At the time of writing, the ‘presumed’ Ethereum killer was trading blows at $231. The Binance coin (BNB) marginally topped the $560 mark after rising as high as $564, while the dark horse of the game, Cardano, continued to play peaks between $2-2.3.

While the ETF fever has subsided and crypto trends cool down, big-name analysts and experts are still optimistic to see bull runs in the coming few days of trade.

courtesy: propakistani

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