Ethereum gains 45% in 10 days, breaking the annual high
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Answer Ethereum gains 45% in 10 days, breaking the annual high
It seems that Ethereum celebrated its fifth anniversary since its inception in its own way, as the Ethereum coin managed to rise by 5% and thus achieve its highest annual level.
Ethereum gains 45% in 10 days:
rose The second largest digital currency in terms of total market value by more than 5% in the last 24 hours, to reach a new record level in the year 2020, as the price of the currency is estimated at the moment of writing this article at 354 dollars.
As shown in the chart above, Ethereum has hit a new high in the last 12 months.
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Interestingly, the move did not come long after the coin failed to breach $323 in a few attempts.
What are the reasons for the rise in the price of Ethereum?
Determining the main reason for the rise of the Ethereum currency in this way is a highly speculative endeavor, as there is no single reason for sure, but there are a number of reasons and their impact varies from one reason to another.
But decentralized finance certainly has a prominent role in the currency’s rally, as the uptake of decentralized finance has increased dramatically recently, with the total value booked in lending protocols rising to $3.88 billion, according to DeFi Pulse, and the area is showing no sign of slowing down.
Ethereum acts as the basis for much of what happens in DeFi, thus increasing the demand for the Ethereum currency and thus increasing its price.
And it is not only decentralized finance that has affected the price of the Ethereum currency, as Ethereum is close to shifting towards Ethereum 2.0 and moving to a quota mechanism instead of a mining mechanism.
It is clear that the price of Ethereum is not the only one that is rising, as the network hash rate has also risen to its highest point in the past 20 months. The heavy use of the network is driving up transaction fees.
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The higher the fee, the more miners earn, which explains the higher hash rate.
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