Ethereum broke all-time high level as of today, surpassing above $1430 thanks to the latest 30% surge so let’s read more in today’s Ethereum news today.
Ethereum finally managed to breach its all-time high level above $1432 and the coin saw an impressive 30% surge while being in a price discovery mode. The long wait is over as Ethereum broke an all-time high level and is now officially in a price discovery territory. This usually happens as the cryptocurrency posts weekly gains of 30%. At this point, it doesn’t seem to be a surprise that ETH broke its ATH but its price was surging consistently in the past few months especially as 2021 started.
Looking at the charts, ETH’s growth was quite impressive. At the beginning of January, the cryptocurrency opened up the price at $740 which means it almost doubled up in value and chartered a strong increase of 93%. The milestone didn’t come without a strong selloff as well as ten days ago, it went on to decline from the high of $1325 to a low of $937 which is a decrease worth 30%. Those that managed to hold tight to the coins, were rewarded as the cryptocurrency increased to a current all-time high value.
There are a lot of reasons why ETH is increasing and the momentum seems to continue in 2021. The most important reason of all could be the growth of the decentralized finance space. DeFi is booming and the total value locked in protocols is about $25 billion marking an increase of 4500% since April last year. There was also forming of a vibrant ecosystem with plenty of protocols with their own native cryptocurrencies. The huge chunk of which runs on the ETH network and drove the demand for ETH through the roof. This was also pointing out to some of the blockchain’s problems as the transaction fees were so high, many claimed that DeFi is only worthwhile for bigger investors.
The next reason is the ETH 2.0 launch. With this, the network will migrate to a proof-of-stake consensus algorithm and Phase 0 went live in December. This marked a huge milestone and we could wait just a few more years until the launch of the improved network plays a huge role in the ETH price.
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