The world’s utility crypto in the early hours of Monday breached new record highs amid strong institutional buying playing out in the crypto market.
At the time of writing this report, Ethereum was exchanging hands at $3,090 after hitting an all-time high of $3,094 on the FTX exchange.
Just in 2021 alone, the flagship altcoin has gained more than 280%. Its current market value of about $351 billion makes it bigger than South Africa, Africa’s third-largest economy with a present value put at $317 billion.
In addition, the number of Ethereum holders in profit hit an all-time high as Percent Addresses in Profit (7d MA) just reached an all-time high of 99.878%.
— glassnode alerts (@glassnodealerts) May 2, 2021
Some crypto pundits argue that the leading altcoin has attracted a new wave of institutional investors in credence to its recent approval of 3 Ethereum exchange-traded funds (ETFs) in North America.
Consequently, the rising use of NFTs, tokens that validate the ownership of digital assets are notably purchased and used on Ethereum, thereby attracting more apps and contracts.
Ethereum is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control or interference from a third party.
Ethereum’s most recent upgrade helps in improving the network’s scalability.
Through the implementation of several efficiency enhancements, scalability, and speed, the Ethereum network becomes better without compromising its decentralization and security.