Ethereum is following in the footsteps of Bitcoin, and an hour ago, it reached a new all-time high of $4,336, according to data from CoinMarketCap.
Bitcoin hit a new ATH on Oct. 20, reaching $66,930 after the launch of the first U.S. Bitcoin futures ETF by CoinShares on the NYSE on Oct. 19.
In August of this year, Ethereum developers rolled out the EIP-1559 upgrade which, among other things, enabled an ETH token burn.
In December 2020, Ethereum launched the zero phase of Ethereum 2.0 and validators began depositing Ether, locking it in the ETH 2.0 contract.
Earlier, U.Today reported that Ethereum exchange supplies were draining and, in the past three months, whales with wallets holding from 1 million to 10 million ETH purchased another 13.9 percent of ETH in circulation.