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 Price Hits New ATH As On Chain Activity Peaks

Source: TradingView

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.


Source: Glassnode

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.

1636361801 728 Ethereum Price Hits New ATH As On Chain Activity Peaks

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, 8.18 million ETH are blocked on the Ethereum 2.0 blockchain.

1636361802 610 Ethereum Price Hits New ATH As On Chain Activity Peaks


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