The world’s second-largest cryptocurrency Ethereum hit a new all-time high of $4,603.89 at 3.00 p.m. ET and continues to climb.
While the world’s number one cryptocurrency, Bitcoin, will continue to hold steady in the $61,000-63,000 range and still can’t break its recent all-time high of b $67,000.
ETH is skyrocketing after the hash rate reached a new all-time high of 812,768 GH/s. This prompted various miners to reduce their sales and hold more. As a result, the supply of ETH in crypto exchanges is greatly reduced.
In addition, there is the London hardfork upgrade, which is accompanied by a fee-burning mechanism. As a result, over USD 3 billion of ETH was sold on the crypto market.
Even though Ethereum’s price has peaked, some analysts believe Ethereum could rise even further.
The current rise makes ETH a coin to keep an eye on.
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