Ethereum Jumps To Another New All-Time High Amid Metaverse
Ethereum (ETH) hit another all-time high in just 10 days, amid numerous developments in the digital space that have prompted investors to invest more money in the cryptocurrency world.
Today, Ethereum hit a new all-time high, surpassing its previous high of $4,468, while its hash rate also hit new highs. After breaking its all-time high of $4,468 yesterday, Ethereum (ETH) hit a new all-time high of $4,605 today, CoinMarketCap reported.
The record matches an all-time high for the Ethereum hash rate, a metric that measures network computing power, which reached 812,768.9228 GH / s.
Several factors have contributed to the recent surge in ETH prices. For starters, the growing NFT market, which relies primarily on the Ethereum network, is a fundamental factor. Non-fungible tokens (NFTs) have rebounded from declining sales after surpassing $2 billion in the first half of 2021 and are back in fashion.
It should be noted that in recent months well-known Western brands such as Budweiser and Visa, as well as some of the most successful athletes and franchises in the world such as Tom Brady and the Spanish Premier League, La Liga Santander, NFT have accepted.
Other highs on the top 20 list have also made positive progress towards historic valuations since the market opened on Monday this week. The flagship cryptocurrency, Bitcoin, has comfortably traded above $61,000 and has climbed to $63,230 as of this writing.
Also Read: Ethereum Price Drops to 2,000 USD For The First Time Since mid-May
Additionally, Ethereum’s rival Solana, the sixth-largest cryptocurrency by market cap, has risen more than 13% after hitting a new high of over $219 a week ago. At the time of this writing, Ethereum’s ‘suspected’ killer was trading at $231.
Binance Coin (BNB) slightly broke the $560 mark after climbing to $564 while the game’s dark horse Cardano continued to play spikes between $2 and $2.3.
As ETF fever has subsided and crypto trends cool down, well-known analysts and experts remain bullish on the prospect of seeing uptrends over the next few trading days.
Also Read: Bitcoin, Ethereum and Dogecoin Prices Crash Overnight