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Ether sets new all-time-high above $3K for the first time

  • Posted On - 2021-05-03 08:50:15

Ether (ETH), the second-largest cryptocurrency by market capitalization, reached above $3,000 on the Sunday for the first time in history.

It is trading around $3,090 at the time of writing this, up over 5% in the past 24 hours and more than 25% over the past seven days.

The total market capitalization for decentralization finance (DeFi) worth $100B, with some of the most popular DeFi projects being built on the Ethereum blockchain, also there are over $68 billion worth of value locked in DeFi. Data from a crypto aggregator shows that the number of active addresses recently surged to a new all-time high of 771,000, surpassing the previous record of 739,000 set in November.

The daily transaction count on Ethereum's blockchain has also increased by 22% to 1.376 million this year.

Ethereum blockchain undergoes the Eth 2.0 upgrade, which will switch the Ethereum blockchain to a proof-of-stake (PoS) consensus from the current proof-of-work (PoW) consensus mechanism and this could be the core reason behind the growth of the ethereum.