Ethereum Price Breaks the $500 Mark since 2018
For the first time since 2018, the price of Ethereum (ETH) has risen above the $500 barrier. The last time the cryptocurrency was above the $500 mark was in July 2018.
Ethereum has been the talk of the town in recent months as the crypto community anticipates the release of Ethereum 2.0. The ETH 2.0 is a massive upgrade to the Ethereum network that aims to solve long standing scalability issues plaguing the ETH network. Meanwhile, as we wait for the upgrade, the ETH price keeps rising.
According to Charles Storry, the co-founder of PhutureDAO “Ethereum has the network, it has the attention and now we are starting to see the true price discovery start.”
This recent price increase adds to solid growth over the last month, with ETH’s price rising from $375 on October 20, 2020. What’s also important to note is that the ETH began the year at just $130. That means this recent increase represents a 33% in the last month, and a 284% gain on the year so far.
It hasn’t however always been smooth sailing for Ethereum. On January 13, 2018, the ETH hit its all-time high of $1,344. What followed was a major drop in price which saw Bitcoin’s chief cryptocurrency rival fall to $370 in less than three months.
Reason for the Increase in ETH Price
But with a 33% gain in just the last month, it’s clear that Ethereum is enjoying a considerable good run of its own. Anticipation over ETH 2.0 is certainly playing a role, but there are many other possible factors for this recent price increase.
Rotation from Bitcoin into Ether from Bitcoin holders, or bullishness around crypto in general. Also, a conversion of some of the funds previously stuck in dollar/ETH could be a responsible factor. Ethereum still has a long way to go if it wants to break a new all-time high.