Ether went above $3,000 for the first time. (Pixabay, modified by CoinDesk)
Ether (ETH, +2.29%) (ETH), the second-largest cryptocurrency by market capitalization, went above $3,000 Sunday for the first time in history, according to CoinDesk 20, after setting multiple all-time highs last week.
- At press time, ether's changing hands at $3,026, up more than 2.5% in the past 24 hours.
- Ether is now up about 300% on a year-to-date basis versus a 95% rise for bitcoin (BTC, +0.73%).
- Ether's impressive gains came as the demand for the second most valued cryptocurrency has soared.
- The total market capitalization for decentralization finance (DeFi), recently hit above $100 billion, with some of the most popular DeFi projects being built on the Ethereum blockchain.
- There are more than $68 billion worth of value locked in DeFi, per data from DeFi Pulse.
- CoinMetrics data shows the number of active addresses recently surged to a new all-time high of 771,000, surpassing the previous record of 739,000 set in November.
- The daily transaction count on Ethereum's blockchain has increased by 22% to 1.376 million this year, per data provided by Glassnode.
- Ether's growth also came as the Ethereum blockchain undergoes the Eth 2.0 upgrade, which will switch the Ethereum blockchain to a proof-of-stake (PoS) consensus from the current proof-of-work (PoW) consensus mechanism.
- Ethereum founder Vitalik Buterin gave a presentation recently on the development roadmap of Ethereum after its merge to PoS including the long-awaited feature, sharding.
- Sharding will expand Ethereums capacity to process transactions by splitting its database into 64 new mini-blockchains, thus addressing the congestion issues that currently plague the blockchain..
- The rise of ether has also benefited tokens associated with several so-called Ethereum k ...
Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.