<

Ethereum price has hit its newest annual high and is also the highest level since May 2018

Ethereum price has many fundamental catalysts that could push its value upwards in the short term. Ethereum 2.0, the strength of the DeFi market, and high decentralized exchange (DEXs) usage are some positive factors. Now, ETH is currently trading for over $ 636 – becoming an annual high – and its highest level since May 2018. ETH is up nearly 10% over the past day and 33% in the previous month. This year, its value has increased by 355%.

ethereum-price-has-hit-its-newest-annual-high-and-is-also-the-highest-level-since-may-2018

ETH/USD 4-hour chart | Source: TradingView

This year, Ethereum price has increased by 355%

Earlier this year, ETH was trading below $ 140 and sank to a yearly low of around $ 110 in March, due to the COVID epidemic that led to the shutdown of world economies.

Even so, Ethereum, as a percentage, is still outperforming Bitcoin this year. However, it can be said that Ether is still quite far from an all-time high of $ 1,392 on Jan. 12, 2018, when Bitcoin was slowly rising in price in December 2017.

During that 2017 period, CME and CBOE both introduced Bitcoin futures trading, which may have helped maintain an uptrend – at least in the short term. Just today, CME announced Ethereum futures trading, which is expected to begin in February 2021. With movement over the past few months, the price could be anywhere at that point.

The demand for Ethereum among whales could begin to accelerate rapidly when ETH breaks out against BTC. It would make ETH a favorable play for high-net-worth investors looking to grow their BTC-denominated portfolio.

However, until the breakout happens on the ETH/BTC pair, there is an argument to be made that the Ethereum price could stagnate against Bitcoin.

Throughout 2020, the Ethereum ecosystem has seen exponential growth across many areas. Decentralized exchanges, like Uniswap, overtook top cryptocurrency exchanges such as Coinbase during periods with high volume. The total value locked across DeFi protocols reached $15 billion and is now comfortably hovering above $14 billion.

Ethereum 2.0 was approved after more than 400,000 ETH were deposited to the Ethereum 2.0 deposit contract address. ETH 2.0 is a major network upgrade that significantly scales the Ethereum. Prior to ETH 2.0, the Ethereum blockchain was capable of processing less than 20 transactions per second. Post Eth2, Ethereum will be able to process thousands of transactions per second, which would only increase with additional technologies, including Sharding.

You can see the ETH price here.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like

LATEST NEWS

LASTEST NEWS