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Ethereum flies through another All-Time-High

Photo of: Joseph Stone
by Joseph Stone

On Tuesday, April 13, like Bitcoin, Ether set a new ATH of $2,228. And this was only a few days after a new historic price. Could the blockchain’s congestion problems be forgotten?

Ethereum would have almost made us forget the value of its token, overshadowed in recent months by the inflation of transaction fees on the blockchain. Their cost led some observers to fear that Ethereum would become a network for the rich.

If congestion is not a thing of the past, the immediate news is first of all the NFT frenzy, from which the network benefits, but also the price of Ether. Over one year, it explodes by more than 1,300%, like a second class token.

The rise has particularly intensified in recent weeks. This is evidenced by the records set in the space of just a few days. On April 10, ETH reached a new all-time high of $2,190.

And on April 13, the Ether is now over $2,200. The cryptocurrency is not outdone by Bitcoin, which on the same day broke its previous record with a price above $62,000.

In euros, the market capitalization of ETH exceeds 215 billion, compared to 983 billion euros for BTC. But like Bitcoin, the question arises as to the reasons for this sharp rise in recent days.

Not sure if the next major update of the Ethereum network, aka Berlin, can explain this upward trend. It is nevertheless preparing another update, London, scheduled for this summer.

And this last one provoked the anger of the Ethereum miners. Indeed, it plans to burn part of the fees they have been receiving until now. For developers, it is a matter of responding quickly to this problem of transaction costs.

Such a response is likely to encourage a little more transactions on the blockchain and therefore the development of uses and applications. A large part of the value of Ether comes from its central position in these uses, in particular DeFi and NFT.

Will this push the price of ETH even higher? That’s what crypto traders like Scott Melker are hoping for. Melker sees a price of $10,000 in 2021 as entirely feasible. But he also sees “the outstanding performance of Ether as the main catalyst for the recent rise in the altcoin market.”