Ethereum reaches all time high
It has been an interesting run down to the end of the year with the crypto market continuing to buck the previous years trends and continue to deliver high than usual prices for this point of time in the year.
Although it seems institutional and retail investors are rallying around blue chip tokens such as Bitcoin and Ethereum there is only one token that stands out and has had significant gains.
Ethereum has reached all new hights the days highest point saw Ethereum trading for $US4,780 a measly $US111 short of Ethereum's all time high of $US4,891 which was reached on 11 November 2021 source
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Ethereum's growth has now exceeded Bitcoins monthly growth with Bitcoin currently sitting almost 18% lower than its all time high which was also reached on the 10 Nov 2021 source.
Since the implementation of EIP-1559 which saw Ethereum become deflationary it has continued to draw in many investors as the preferred investment opportunity with those who missed out on low Bitcoin prices selecting Ethereum as their go to token source
This comes as recent news has broken that Ethereum EIP-1559 has now burned over 11 Ethereum tokens which at todays prices equates to $US53 million dollars taken out of circulation source.
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A quick snap show of which projects are currently burning the most Ethereum shows Opensea and Uniswap going head to head over top spot, Wither Ethereum transfers holding top position which also indicates that transferring Ethereum is still quite the expensive operation. This indicates that the block chain is predominantly filled with Investors seeking to hold their wealth. The current burning impact is 7.9 per Ethereum per minute.
The current bull market is providing quite the insight into the internal rankings of block chain technology and what people are buying into and we don't think that Ethereum is slowing down any time soon.
Image sources provided supplemented with Canva bro subscription. This is not financial advice and readers are urged to undertake their own research or seek professional financial services
Posted Using LeoFinance Beta
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When BTC goes side-ways, it paves the way for the alts to go up. I have been looking and it also looks like the ETH/BTC chart is also showing quite a bit of strength so I am not surprised ETH is going up.
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