Ether continues to smash 2,200 USD records

By: Bharggavi Ssayee

Ether continues to smash 2,200 USD records

April 14, 2021 11:27 AM

On Tuesday April 13, like Bitcoin, Ether established a new ATH at $ 2,228. And this, just a few days after a new historic price. Could blockchain congestion issues be forgotten?

 

Ethereum would have almost made people forget the value of its token, obscured in recent months by the inflation of transaction fees on the blockchain. Their cost made observers fear that Ethereum would become a network for the rich.

 

If congestion is not a thing of the past, the immediate news is first the NFT frenzy, which benefits the network, but also the price of Ether. Over a year, it explodes by more than 1,300%, like a second-class token.

 

215 billion euros of recovery for Ether

The increase has intensified particularly in recent weeks. This is evidenced by the records set in just a few days. On April 10, ETH hit a new all-time high of $ 2,190.

Ether volume

And on April 13, Ether is now over $ 2,200. Cryptocurrency is no exception to Bitcoin, which on the same day broke its previous record with a price above $ 62,000.

 

In euros, ETH's market capitalization is therefore over 215 billion euros, compared to 983 billion euros for BTC. But as Bitcoin therefore arises the question of the reasons for this sharp rise in recent days.

 

Not sure that the next major update of the Ethereum network, aka Berlin, can explain this uptrend. It is nevertheless preparing another update, London, scheduled for this summer.

 

Updates to cure Ethereum ailments

And the latter angered Ethereum miners. It plans to burn part of the fees that the latter have received so far. For developers, it is a matter of responding quickly to this issue of transaction costs.

 

Such a response is therefore likely to further encourage blockchain operations and therefore the development of uses and applications. However, much of the value of Ether comes from its central position in these uses, in particular DeFi and NFT.

 

How can the price of ETH be raised even higher? This is what crypto traders like Scott Melker hope for. The latter considers a price of 10,000 dollars in 2021 as quite possible. But he further sees "Ether's exceptional performance as the main catalyst for the recent rise in the altcoin market." "