Ethereum (ETH) Price Skyrockets, Investors Celebrate
Well, well, well…look who’s on top of the world! Ethereum (ETH) has been riding high on a wave of success lately, reaching its highest yearly price point and presenting an impressive 52-week high. It’s like the cryptocurrency equivalent of winning the lotterySponsored Product!
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. The asset reached its 52-week high of $2,137 on Thursday, November 9th. Just look at that chart below – it’s like watching a rocket launch into space!
One major factor contributing to this crypto frenzy is the number of ETH staked. With over 28 million ETH staked according to data from Beaconscan, it’s like everyone wants a piece of the pie.
In August there were approximately 786,000 validators in the Beacon Chain but today that number has soared to around 884,000. This indicates confidence in Ethereum’s long-term stability – kind of like investing in your favorite pair of sweatpants; you know they’ll always be there for you.
And let’s not forget about the token’s on-chain volume which has skyrocketed as well. Recent data shows that the asset’s volume now sits at approximately $2.62 billion from $1.5 billion back in September – talk about making it rain!
Blackrock’s Spot Ethereum ETF Sparks Increase
The most recent development causing ripples in this sea of success is BlackRock‘s registration for a spot Ethereum Exchange Traded Fund (ETF). Since this news broke out, there has been quite an improvement surrounding our beloved cryptocurrency.
Blackrock is basically like Scrooge McDuck swimming through trillions of dollars worth assets under management and they’ve also applied for a Bitcoin spot ETF because why stop at one when you can have two? They submitted their application back in June and are eagerly awaiting a decision from good ol’ SEC.