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Ethereum (ETH) Inches Close to $1,900 As Another All-Time High Is Reached

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Sat, 02/13/2021 - 08:25
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Yuri Molchan
The second largest cryptocurrency has inched close to the $1,900 level after reaching yet another all-time high; here are the reasons for the continuous rise of ETH
Ethereum (ETH) Inches Close to $1,900 As Another All-Time High Is Reached
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Less than four hours ago, the native coin of Vitalik Buterin’s brainchild, ETH, surged to a new all-time high of $1,871 after reaching the previous ATH just four days earlier.

Ethereum breaks above $1,871

Data from the CoinMarketCap says ETH has reached a new all-time high, inching closer to the $1,900 price mark.

It has taken the second biggest crypto coin only four days to print a new ATH, the previous one was when the currency surged above the $1,800 level.

ETH_09878_ATH
Image via CoinMarketCap

Related
BREAKING: Ethereum (ETH) Soars Above $1,800 First Time in History

Reasons behind the ETH rise 

Earlier this week, February 8, CME launched ETH-based futures for financial institutions. 77 contracts were traded on the very first day.

The activity of stakers on the ETH 2.0 deposit contract (ETH 2.0 Zero Phase otherwise known as Beacon Chain) has also driven the price upward.

On February 10, the amount of Ethers staked on exceeded whopping 3,000,000 coins, which represents $ 5,400,060,000 in fiat (at the current exchange rate). These coins have been transferred and locked in the chain by 84,273 validators.

The daily new amount of validators totals approximately 365 (on the weekly basis).

The recent Bitcoin all-time high of $48,745 has also contributed to Ethereum’s rise above $1,871.

Grayscale adds $1 billion in crypto, more ETH prior to the ATH

In a recent tweet, Grayscale Investments hedge fund shared that it had increased its crypto holdings to $37.8 billion. That’s a billion USD in crypto added in a single day. The previous figure was $36.8 billion.

The ETH holding of Grayscale has risen from $5,524.5 million to $5,623.5 million.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.