Ethereum Price Hits New ATH As On-Chain Activity Peaks
Ethereum price broke records again on the morning of November 8, with a new all-time high of $ 4,782, up 3.6% from the day and more than 10% over the past week.
Ethereum is currently trading above its previous ATH of $ 4,632, which it hit on May 12th. The asset is up 540% since the start of the year, even outperforming Bitcoin, which is up 125% over the same period.
The popular Twitter analyst “LilMoonLambo” commented:
“Buying ETH for $ 4,600 in 2021 is the same as buying BTC for $ 4,600 in 2017.”
Ethereum’s market cap is currently $ 560 billion, higher than that of Wall Street bank JPMorgan Chase, but lower than that of Chinese tech giant Tencent’s $ 576 billion.
The activity peaks of Ethereum in the chain
Ethereum’s hashrate has also hit a new high, according to online on-chain analytics provider Glassnode. This is the first time the Ethereum hashrate has hit 1 EH / s versus the previous ATH of 876 TH / s on Nov 2nd. The difficulty of Ethereum mining is also currently at an all-time high.
In addition, the number of Ethereum exchanges leaving exchanges is increasing. Around $ 6.4 billion in ETH went into the exchanges, while $ 8 billion remained, resulting in a net loss of $ 1.6 billion last week.
The Open Interest (OI) of Ethereum futures has even reached an all-time high of $ 2 billion at Bitfinex, according to Glassnode.
Transaction fees have also been quite high lately, although they have dropped to an average of around $ 40, according to BitInfoCharts.
Higher gas charges mean that more ETH was burned through the new mechanism introduced in EIP-1559 in early August. According to Ultrasound.Money, almost 800,000 ETH have been burned in the past three months. At current prices, it is valued at around $ 3.7 billion.
Source: Ultrasound Money
The value of all ETH used on the Beacon Chain is currently at a record high of 38.7 billion US dollars. According to Beaconcha.in, 8.18 million ETH are blocked on the Ethereum 2.0 blockchain.
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According to Beincrypto