Ether, the cryptocurrency of the second largest blockchain platform is currently trading at 45% below its all-time high. Despite this, the cryptocurrency is still very much high above its 2017/18 all-time high where it got to about $14000.
The cryptocurrency during the current bull run recorded an all-time high of $4362. This number is impressive because considering a year ago; Ether was trading at a few cents over $200 according to data from Coinmarketcap.
The impressive rise in the price of Ether could be attributed to a lot of factors, but one of which remains the fact that it’s the largest smart contract platform and while it already has a first mover advantage, it has lots of value locked in and these require the cryptocurrency to facilitate economic exchange. With the rising gas cost, the work to migrate the Ethereum network from Proof of Work to Proof of Stake also is a contributory factor to the rise in the price of Ether.
Again, as with all Bull Run, projects with significant contribution to the overall defining industry will enjoy attention and that will no doubt affect the price of the asset.
For the past 24 hours, Ether has recorded 25% increase from $1737 to $2384. With a streak of green across the market which is a healing over the massive negative price actions over the past days, this could mean the bulls are back and Ether could reclaim its all time high or exceed it or its just a minor positive price action amongst a multitude of pullbacks.
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