Ethereum Hits New All-Time High Amid Surging Hashrate

Ethereum (ETH) has hit a new all-time high price of $4,468.38 today, after breaking through its previous all-time high of $4,467 at approximately 9:30 EST.

The new price record coincides with an all-time high for Ethereum’s hashrate, the measure which shows the processing power of the Ethereum network.

According to Etherscan.io, Ethereum’s hashrate hit 812,768.9228 GH/s yesterday.

What’s more, Ethereum’s all-time hashrate high has in turn coincided with news that the supply of ETH is on pace to shrink following the network’s much anticipated Ethereum 2.0 upgrade.

According to Ultrasound Money, an Ethereum tracker that has conducted simulations of Ethereum’s future, the supply of ETH is set to decline 2% each year following the network’s pivot to a proof of stake consensus mechanism. That means that less ETH would be created with each newly mined block.

Other reasons for ETH’s bull run

There are, of course, other reasons for ETH’s recent price success.

One macro reason is the burgeoning NFT market, which predominantly runs on the Ethereum network.

After seeing over $2 billion in sales during the first half of the year, non-fungible tokens (NFTs) recovered from a lull, and are now all the rage once again.

In recent months, household brands such as Budweiser and Visa have embraced NFTs, along with some of the world’s largest sports stars and franchises, including Tom Brady, Rob Gronkowski, and Spain’s marquee soccer league, La Liga.

Source: Decrypt

Follow Bitop on social:

Facebook: https://www.facebook.com/BitopGlobal

Twitter: https://twitter.com/bitop_exchange

Instagram: https://www.instagram.com/bitop_exchange/

Pinterest: https://www.pinterest.jp/Bitop_exchange

LinkedIn: https://www.linkedin.com/company/bitop-cryptocurrency-exchange

--

--

--

Bitop is the world’s leading crypto currency CFD exchange

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

CrowdIF - Is this a scam or real?

What is the BEST Helium Hotspot Miner to Buy? Rejoice, People-Powered Networks!

The Evolving Environment of Peer-to-Peer And Marketplace Lending.

Weekly Summary

A $240 million horror story

Guide: Removing Liquidity

【Notice】Please MainNet COCOS holders transfer assets

A Thought on RAM Squatting Problem

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Bitop Exchange

Bitop Exchange

Bitop is the world’s leading crypto currency CFD exchange

More from Medium

💣 AMA RECAP WITH MYTHERIA 💣

Recap of Aboard AMA

Doggoverse and DoggoDAO

NFTs: More Than Just JPGs