Ethereum (ETH) has gone through a considerable upward trajectory, reaching its annual highest price point this week and reaching an impressive 52 week high.Ethereum's prices are supported by the latest developmentsThe soaring prices of Ethereum can be traced back to several factors driving the growth of cryptocurrencies
Ethereum (ETH) has gone through a considerable upward trajectory, reaching its annual highest price point this week and reaching an impressive 52 week high.
Ethereum's prices are supported by the latest developments
The soaring prices of Ethereum can be traced back to several factors driving the growth of cryptocurrencies. The asset reached a 52 week high of $2137 on Thursday, November 9th, as shown in the following figure.
ETH is currently trading at a price below $2100
One of the factors leading to the surge in crypto asset prices is the number of ETHs pledged. According to Beaconscan's data, the pledged ETH has increased to over 28 million.
As of August, the number of validators in the beacon chain was approximately 786000, but now the number has reached 884000. This indicates that people are confident in the long-term stability of Ethereum, which is promising for investors.
In addition, over time, the on chain trading volume of tokens has also significantly increased. The latest data shows that as of September, the transaction volume of this asset has increased from $1.5 billion to approximately $2.62 billion. This indicates a growth rate of over 70% since September.
BlackRock Spot Ethereum ETF Significantly Rises
The latest development driving the price increase of this asset is BlackRock's registration of a spot Ethereum Exchange Traded Fund (ETF). Since the company announced the registration of spot Ethereum ETFs, there has been significant progress in cryptocurrency.
BlackRock is the world's largest asset management company, managing trillions of dollars in assets, and has also applied for Bitcoin spot ETFs. The company applied for a Bitcoin spot ETF in June 2023. However, a decision from the US Securities and Exchange Commission (SEC) is currently pending.
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