The world’s second-largest cryptocurrency by market capitalization, Ethereum (ETH), has reached a new all-time high (ATH) today, hitting above $1,437 for the first time.
The cryptocurrency, which did not appear to be headed for the milestone, changed hands between $1,200 and $1,300 across several exchanges earlier today.
However, it was shocking, to say the least, when the leading altcoin broke the $1,200 resistance, adding over $200 in less than 24 hours to set a new ATH. Based on the milestone, Ether has increased by over 17% in the last 24 hours with a trading volume of $40,654,041,173.
What’s Pumping ETH?
Ether’s recent ATH seemed to be driven by Chinese investors, with the nation ranked first in “Google searches for ETH.”
It appeared that Chinese investors have been studying solidity for the coin since the cryptocurrency reached its previous ATH in 2018.
Another reason why ETH’s current ATH is attributed to China is that miners in the region are at the forefront of its promotion.
The enormous returns associated with mining the cryptocurrency has seen several Chinese miners delving into the act to partake in the opportunity before the network switches to a proof-of-stake model.
Decentralized Finance (DeFi) can also be linked to what could have contributed to Ether hitting a new ATH.
Before this time, the DeFi rally could see the price of ETH skyrocketing to new records, but that did not seem to be the case last year when the DeFi industry blossomed tremendously.
The DeFi space has continued to gain traction, with ETH being one of the primary ways that enable investors to enter and exit the investments.
As more DeFi protocols continue to launch on the Ehereum ecosystem, there is a tendency that ETH exposure will also gain a significant increase in the coming weeks.
2021 has started very well for cryptocurrencies, with popular crypto projects recording stunning feats in the first month of the year.
Earlier this year, Bitcoin reached a new ATH of above $41,000 and has consolidated between $35,000 and $37,000 in the last seven days.
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Author: Lele Jima