Cryptocurrency

Cryptocurrency rose past $4,400, setting a new record high

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Cryptocurrency News: Ethereum’s price hit a new all-time high of $4,400 today as investors grew increasingly positive on the world’s most widely used blockchain network. In terms of market cap, Ethereum is the second-largest cryptocurrency behind Bitcoin. The digital asset value grew by 4.8% to $4,459.20, breaking the previous high set in May of $4,379.62. At 2:41 p.m. in New York, the token was trading at roughly $4,387. Many other cryptocurrencies, like Binance Coin and Solana, have risen in value as well. According to CoinGecko.com, the value of Ether has been increased to almost $520 billion today.

It’s a significant milestone for Ether at a time when the digital token has outperformed Bitcoin six-fold over the year, thanks to increased interest from retail and institutional investors.

Ethereum Network, the leading blockchain for thousands of decentralized applications, is built on top of Ether. After a successful upgrade to make it speedier and more energy-efficient, the system boosted this week.

Data shows that great Ether futures have risen to $12.5 billion, breaking the previous record set in May. On online exchanges, funding rates — or the cost of maintaining a bullish bet — have risen recently in pace with Bitcoin. The futures curve on CME has also been steeper, indicating optimism about the price trend.

Ethereum’s on-chain activity measures have found support. According to research released on Thursday by Fundstrat’s Sean Farrell and Will McEvoy, digital asset strategists, they are at multi-month highs. According to the strategists ‘ findings, the transaction rate, new addresses, and active addresses have all grown enormously in June after declining in May.