The craze among investors about cryptocurrencies is increasing continuously. Everyone knows about the famous currency bitcoin. The performance of bitcoin has also been excellent. But apart from this, many such currencies have given good returns to investors. Number two cryptocurrencies Ether bitc and the Ethereum blockchain network’s native coin rose more than 10 percent on Thursday to reach a new all-time high (ATH) of $4,400. Although it has improved somewhat since then, it was still trading at $4,331 at 05:10 pm on CoinMarketCap. During this, it was close to its previous ATH of $ 4,379.62 in May.
New highs for Ether have sustained a rally, with the coin rising by 46 percent and an impressive 497 percent YTD this month, but what’s driving this cryptocurrency’s remarkable rise?
Ether ETF Speculation
Many investors believe that an Ether ETF on the ProShares Bitcoin Strategy ETF Lines will likely arrive soon in the US market. However, before the SEC approves the Bitcoin Spot ETF, it will seek further approval for the Crypto Futures ETF. Considering this criterion, the Ether Futures ETF is probably the strongest candidate.
The arrival of Ethereum 2.0
Another critical factor that has given Ether a massive jump over the past year is Ethereum 2.0, which is coming soon. On Thursday, Ethereum saw the successful implementation of Altair, a change in protocol that led to its transition to Ethereum 2.0.
Miners will have to solve a puzzle to verify all transactions as part of the “Proof of Work.” This can be a time-consuming and more expensive per transaction. In contrast, “Proof of Stake” is an automated process where miners only need to hold their own coins to validate the transaction.
This coin gave an outstanding performance
Several new coins such as Solana, Cardano, and Polkadot have performed impressively over the past year due to their fast networks, low transaction times, and lawyer fees. However, Ethereum has shown the potential to become the world’s second most crucial blockchain network in this period.