Ethereum Touches $600 Price Mark For The First Time In Two Years

This year has been a challenging year economically for most countries, with most countries witnessing a dip in revenue or slip into recession. However, Cryptocurrencies have less been affected, especially in the last quarter of this year, which has seen Bitcoin gain massively and now Ethereum following diligently.

Other cryptocurrencies have started to witness this wave of profitability. Ethereum, which crossed the $500 mark for the first time in two years this week, has also crossed the $600 mark today. This is a record-breaking victory for its traders and investors who had been keenly following up with the little increment witnessed in the last two years.

Ethereum records massive rise in price in the span of three days

Investors have witnessed a slow increment in Ethereum, which was first observed in August 2020. It was traded at $389 in August but has now gone up by at least 54% in today’s value. Co-founder of PhutureDAO, in a statement earlier this week, believes the rise of ethereum is a result of the silent rally around it and emphasized that it will continue to go up.

The market capitalization has also moved from around $43 billion to $66 billion, representing a 34% increment in the last three months. It is also worthy to note that 28% of the rise, as mentioned earlier, was witnessed in the last 4weeks. Its trading value has also seen a 145% increase from $11 billion last week to about $27 billion today. Surprisingly this trading mark was barely $8 billion three months, and with today’s value, it has experienced an astonishing 250% rise.

Ethereum rising prices have come as a shock to analysts as no one can understand why it is increasing. The cryptocurrency was projected to rise when it was $486 in the first week of September but instead witness a decline to $386 in the same week. However, analysts and traders are still shocked at seeing such a rapid rise, especially in the last three days. It has been rumored that the rapid increase witnessed in Bitcoin could be a factor in Ethereum’s rise, but what could be realistically traceable to this increase could also be the launch of Ethereum 2.0.

Ethereum 2.0 launchpad event is still scheduled to take place in December

Ethereum 2.0, also known as Serenity or ETH2, is a digital upgrade to the Ethereum Blockchain. The aim of this upgrade will see a rapid increase in Ethereum’s speed and efficiency. It is also propagated to allow it to process more transactions.

It is also proposed that it may positively affect its pricing over the next few months or years. The network is proposed to start its operations by December 1, 2020. It has also stated that it needs about $315 million in capital to start its operation in which 50% of it is already in the system.

Ethereum’s 54% growth in the last three months is higher than Bitcoin, which boasts about a 30% increment. XRP, with a growth of about 78%, is the only cryptocurrency with a margin higher than ethereum. Investors and traders continue to hope this rapid growth favors them despite analysts not identifying why ethereum is making its traders smile.