Ethereum price surpasses $ 500 for the first time since July 2018, hash rate at all-time high
The second largest cryptocurrency Ethereum (ETH) made another leap today, leading it to a 28-month high above $ 500.
At around 12:00 UTC, Ethereum on Coinbase and other major exchanges peaked at $ 501 for the first time since July 18, 2018. In general, ETH showed a lag behind Bitcoin in the last segment, but today it is leading with an increase of 5.6%. At the same time, since the beginning of the year, ETH has grown by 284%, and BTC – 155%.
Bitcoin is up again today to three-year highs of around $ 18,400. Ether needs to rally another 185% to return to its all-time high at $ 1,433, while Bitcoin needs 10% to do so. Analyst Michael van de Popp argues ETH is feasible by the end of 2021.
Glassnode data suggests that Ether coins are leaving exchange wallets to enter smart contracts. So, the share of ETH in the last few months has grown from 11% to 17%, and stock exchange balances have decreased from 19 million to 15 million ETH. Smart contract growth stalled in November amid weakening interest in the decentralized finance (DeFi) space, despite continued outflow of coins from exchanges.
In the meantime, the amount of computing power on the Ethereum network continues to grow. According to The Block, yesterday the 7-day average exceeded 256 terahashes per second (Th / s), which is the absolute maximum..
The growth of Ether comes against the background of unclear prospects for the launch of the zero phase of Ethereum 2.0. It was supposed to start on December 1, but the rate of inflow of assets into the deposit contract is now insufficient to meet the requirement for the volume of deposits.
Today, other large altcoins are also showing growth. Against the general background, Litecoin and Polkadot stand out, the fifth and sixth cryptocurrencies in terms of capitalization, which added 10% and 14%, respectively. LTC grew by 34% over the week.