Ethereum (ETH), the world’s second-largest digital currency, touched an all-time high of $2,197 on Monday after a jump of nearly 3% in the last 24 hours. ETH is up by more than 6% in the last 7 days.
According to the latest report published by Coinmarketcap, Ethereum crossed the market cap of $250 billion on 12 April, the highest level on record. ETH is now more valuable than some of the leading banks in the US, including Wells Fargo and Goldman Sachs.
The latest surge in the price of Ethereum has accelerated the ETH network activity. Whale Alert, the crypto analytics and blockchain tracking firm, highlighted a major Ethereum transaction yesterday when a crypto user moved 49,998 ETH worth more than $107 million from a digital wallet to crypto exchange, Bitfinex. The mentioned transfer was executed on 11 April at 19:32 UTC.
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Similar to Bitcoin, the active supply of Ethereum at leading crypto exchanges is dropping. “The amount of Ethereum sitting on exchanges continues to drop lower, as more and more funds move into hard wallets and DeFi-based options. This is a good sign for ETH holders, as less exchange supply implies a decreased likelihood of major sell-offs,” a crypto research platform Santiment mentioned on Twitter.
ETH’s network upgrade officially started its journey in December 2020 with the launch of Beacon Chain. Ethereum network will go through several changes to shift from the current proof-of-work network to a more efficient and improved proof-of-stake network. ETH community fully supported the network upgrade with the staking of more than 1 million Ethereum within the first week of December 2020. According to the latest data published by Etherscan, Ethereum 2.0 deposit contract now has more than 3.7 million ETH with a total value of more than $8 billion.
The institutional adoption of Ethereum has increased significantly in the last few months. Grayscale, the world’s largest crypto asset manager, now has more than $6.7 billion worth of ETH under management.