Ether Breaks Above $3K for the First Time Ever

Monday 03 May 2021, 12:07 PM AEST - 1 week ago

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 ...

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