Ethereum (ETH) continues to scale heights not seen in its six-year journey. The second-largest cryptocurrency just recently breached the mental price of $3,000, and its rally upwards has actually seen it struck a brand-new all-time high (ATH) above $3,200.
ETH is up by 30.49% in the last 7 days to trade at $3,250 at the time of composing, according to CoinMarketCap.
Glassnode has actually exposed that high transaction volumes in the Ethereum network are boosting its upward momentum. The on-chain metrics service provider explained:
“As ETH price reaches over $3,000 setting a new ATH, the NVT Ratio is driven back down towards this cycle’s lows. Low NVT Ratios indicate transaction volumes are high and growing faster than the network market cap.”
In the very first quarter of 2021, Ethereum settled deals worth $1.5 trillion compared to $1.3 trillion in 2020. This, for that reason, reveals the substantial transaction volume ETH has actually been delighting in, which has actually assisted its price rally.
This uptrend in deals is based upon the truth that more individuals are signing up with the Ethereum bandwagon. For circumstances, WeWork, an American industrial realty business that supplies versatile shared work environments, has actually partnered with Coinbase and Bitpay to accept crypto payments in the type of Bitcoin, Ethereum, USD Coin, and Paxos.
Ethereum turns Bank of America’s market capitalization
With a market capitalization of $373.77 billion, Ethereum has actually gone beyond Bank of America’s evaluation of $347.31 billion. ETH is likewise better than Home Depot, Walt Disney, Procter and Gamble, and Nestle, who have a market cap of $348.1B, $337.67B, 307.99B, and $337.38B, respectively.
This price rally has actually likewise made it possible for ETH addresses in earnings to strike an ATH of 58 million, as acknowledged by Glassnode.
According to information analytics company Skew, CME Ethereum futures saw record volumes just recently as open interest rose previous $360 million, whereas everyday volume breached the $300 million mark.
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