The second-largest crypto-asset Ethereum hit 2 new all-time highs in a single day on November 2. Ethereum has crossed the historic peak of $4,477 and made a new ATH of $4,643.
Ethereum hit 2 new all-time highs in a single which is real show power of the second-largest crypto asset. Many people have tried to justify this power move of the digital asset by providing different reasons. So, we are going to discuss all these reasons one by one and see which one has affected this move of the asset. The first reason is provided by the on-chain analytics team of the Santiment.
Ethereum hit 2 new all-time highs. why?
Santiment has shared the data of the past four weeks which show that the activity of active addresses of the Ether has increased by 45%. The firm’s Twitter account has tweeted about this saying that Ethereum hit 2 new all-time highs in a single trading day because the active addresses are up by 45% in the past four weeks.
Another reason which is presented for the justification of Ethereum hit 2 new ATHs in a single day is that burning coin due to the recent upgrade (EIP-1559) of the second-largest crypto coin. Statistics show that 744,020 Ether tokens have been burnt due to this upgrade. Ethereum has risen by the 33% since the introduction of the above-mentioned upgrade.
The hashrate of Ethereum has also hit a new ATH in the token’s history which was 812,768 on November 3 as reported by the U.Today. The number of Ethereum users are increasing and people want their transaction to be confirmed faster despite the fees being burned. In my opinion, all these reasons are valid and even some people are using the token as a hedge against inflation. These are good signs for Ethereum and its users.
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