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In the letter
- The price of Ethereum reached $ 600 three days after breaking above $ 500.
- In the past 24 hours, its price has increased by 14%.
- A major bull run in Bitcoin and the anticipation of the Ethereum 2.0 upgrade have pushed its price up.
Ethereum’s price reached $ 600, its highest since June 2018. This comes just three days after the cryptocurrency broke the $ 500 barrier on November 20.
Ethereum has been on an upward trend for the past three months. As of August 23, the cryptocurrency was at $ 389. That means it has since risen by 54%.
“Ethereum continues to rise; the silent demonstration is upon us, ”said Charles Storry, co-founder of PhutureDAO Decrypt.
Ethereum’s market cap has also increased. At the time of writing, Ethereum’s market cap is $ 66 billion, up 28% over the past month and 34% over the past three months.
These positive indicators have led to an increase in Ethereum’s trading volume, which jumped from $ 11 billion last week to $ 27 billion today. This represents an increase of 59%.
This is part of a longer trend. Ethereum’s trading volume has increased 196% since it hit $ 8 billion three months ago.
Why is the price of Ethereum rising?
Despite this upward trend, the last few months have not all been quiet. After starting September at a price of $ 486, Ethereum looked set to break the $ 500 mark only to drop as low as $ 327 on September 6. it) and enthusiasm for the upcoming launch of Ethereum 2.0.
Ethereum 2.0 is a network update set up to address coin scalability issues. Although it was written for December 1, the network needs 524,288 ETH ($ 315 million) to be put into play on the network in order to launch. So far, roughly half of this amount has been staked, but it doesn’t appear to be on track for the initial launch date.
Ethereum has grown faster than Bitcoin in recent months. Today, Bitcoin’s price is $ 18,513, up 37% from its price of $ 11,627 three months ago. Conversely, Ethereum grew at a rate of 54% over the same period.
Over the past week, all of the top 10 cryptocurrencies, except the stablecoin Tether, have risen in price. Ethereum grew by 30%, while XRP led the way with a 78% increase.
It might not be the Bitcoin craze, but it might just be the altseason.
