A good week ago, Ethereum passed the psychologically important mark of 4,000 US dollars for the first time since May. However, the second largest crypto currency in the world after Bitcoin failed when it reached its all-time high. Now this hurdle has also been cleared – and how. On Friday, the price of Ethereum / Ether (ETH) soared to a good 4,455 dollars. In the seven-day period there is an increase of almost twelve percent, on a monthly basis it is a whopping 45 percent.
More on the subject
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ETH course: 1,000 percent plus t October 2020
That is of course Nothing at all compared to the market value from a year ago. Anyone who purchased Ethereum / Ether for $ 1,000 on October 29, 2020 – at that time price a little over $ 380 – can look forward to a book value of around $ 11,700 on Friday. The ETH price jumped over 1,000 percent within a year, as reported by CNBC. For comparison: If you had invested $ 1,000 in Bitcoin in the same period, you would now have “only” just under $ 4,500.
One of the drivers of the current Ethereum rally is on Wednesday gone important u pdate. The Altair update, which introduces the proof-of-stake consensus model, is considered a giant step on the way to Ethereum 2.0. This makes Ethereum less resource-hungry than with the previously valid proof-of-work model. Instead of miners, validators will confirm the transactions in the network in the future.
Shiba Inu burns hundreds of ETH
In addition, more ETH is said to have been burned than newly produced in the past 24 hours as Coindesk writes – 15,109.34 new ETH were compared to 16,710.2 burned according to Tokenviews. The self-proclaimed Dogecoin killer Shiba Inu was responsible for 770.12 burned ETH, making it the third largest ether destroyer after Uniswap and Tether. When coins or tokens are burned, they are withdrawn from circulation. It is the equivalent of the crypto market to the share buyback of the stock market.
