Ethereum Price Surge
If you’ve been following Ethereum (ETH), you’ll know that it has been on an upward trajectory, reaching its highest yearly price point in the week and presenting an impressive 52-week high. The asset reached its 52-week high of $2,137 on Thursday, November 9.
Ethereum’s Price Supported By Latest Developments
The surge in Ethereum’s price can be attributed to several factors that have propelled the cryptocurrency’s growth. One of these is the significant rise in the number of ETH staked, which stood at over 28 million according to data from Beaconscan. Additionally, the number of validators in the Beacon Chain has increased from approximately 786,000 to 884,000, indicating confidence in Ethereum’s long-term stability. The token’s on-chain volume has also seen a significant increase, now sitting at approximately 2.62 billion from 1.5 billion as of September.
Blackrock’s Spot Ethereum ETF Sparks Increase
Another recent development that has influenced Ethereum’s price is BlackRock’s registration of a spot Ethereum Exchange Traded Fund (ETF). This move by the world’s largest asset manager has caused an improvement surrounding the cryptocurrency. Blackrock has also applied for a Bitcoin spot ETF and is awaiting a decision from the United States Securities and Exchange Commission (SEC).
Hot Take: Ethereum Continues to Soar
With recent developments like the rise in ETH staked and BlackRock’s registration of a spot Ethereum ETF, Ethereum continues to demonstrate impressive growth potential and long-term stability. These factors are likely to further boost investor confidence in this popular cryptocurrency.
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