Ethereum prices have reached their highest-ever ranges through the morning of Nov 8. ETH is presently trading up 3.6% on the day and has made greater than 10% over the previous week.
The world’s second-largest cryptocurrency by market capitalization has hit an all-time high of $4,744 based on TradingView.
Ethereum is now trading above its earlier ATH which was $4,632 on May 12. The asset has made a whopping 540% since the starting of the year, even outperforming bitcoin which has seen a gain of 125% in the identical interval.
Popular twitter analyst ‘LilMoonLambo’ commented:
“Shopping for $ETH at $4,600 in 2021 is like shopping for $BTC at $4,600 in 2017.”
Ethereum’s market capitalization is now $560 billion which is larger than that of Wall Avenue bank JPMorgan Chase, however beneath Chinese tech giant Tencent which has $576 billion.
To put this into perspective, simply 11 months in the past in December 2020, this was the same as the entire crypto market cap. That complete has additionally just hit an all-time high of $3 trillion according to CoinGecko.
This brings the combination crypto market to almost one-quarter the size of all the gold market cap which stands at $11.5 trillion based on CompaniesMarketCap.
Ethereum on-chain activity peaks
Ethereum’s hash rate has additionally hit a new peak based on on-chain analytics supplier Glassnode. It’s the primary time the Ethereum hash rate has reached 1 EH/s having surged from the earlier ATH of 876 TH/s on Nov 2. Ethereum mining difficulty can also be present at its highest-ever levels.
Glassnode has additionally reported that Ethereum continues to depart centralized exchanges. Around $6.4 billion in ETH has flowed into exchanges whereas $8 billion has left them leading to a net lack of $1.6 billion over the previous week.
Ethereum futures contracts open interest has even reached an all-time high of $2 billion on Bitfinex based on Glassnode.
Transaction fees have additionally been pretty high lately although they’ve fallen again to a median of around $40 based on BitInfoCharts.
Burning the gas
Higher gas fees mean that more ETH will get burnt via the mechanism launched by EIP-1559 in early August. In response to Ultrasound.Money, nearly 800,000 ETH has been burnt over the past three months or so. At present costs, that is valued at round $3.7 billion.
The worth of all of the ETH staked on the Beacon Chain is at a report excessive of $38.7 billion in the meanwhile. In response to Beaconcha.in there’s 8.18 million ETH locked up and incomes curiosity on the Ethereum 2.0 blockchain.
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Source: Beingcrypto
