Slow moving Ethereum has finally managed to break its previous high. The world’s second biggest crypto touched $2,200 on Saturday following overall market strength
The weekend has brought a new all-time high for Ethereum. The new high comes less than a week after ethereum broke its previous all-time high. Following in the footsteps of bitcoin, ethereum has also seen a nearly 7% price surge on Saturday, pushing the crypto to new price territory.
Ethereum following in the footsteps of bitcoin
Ethereum has seen similar price movements in recent months to that of bitcoin. Major alts have appeared to move in unison with bitcoin. However the correlation between bitcoin and ethereum has seen ethereum’s price action mimic that of bitcoin.
Ethereum continues to look bullish over $2,000 as the project gains momentum in the bull market.
Big things coming to ethereum
Ethereum 2.0 staking continues to see an increase in the amount of ethereum being staked. Currently the amount of ethereum being staked is 3.45 million. The total value of ethereum currently being staked is well over $7.4 billion in value. The upgrade to the network is set to offer increased transactions on the blockchain, while reducing the cost of gas fees on the network. Something that is currently holding back the project due to rising gas fees on decentralized exchanges.
Ethereum has also been boosted by the recent news that one of the largest multinational financial services companies in the world is using the network. Visa has begun setting transactions on its own network through ethereum-backed USD Coin. The news has seen an increase in popularity in ethereum price as global utilization starts becoming evident.
More upside possible for ethereum
Ethereum could very likely see more upside in price as the market continues to see bullish sentiment. The total crypto market capitalization has also reached a new high of $2 trillion, while cryptocurrencies have seen a surge in prices too.
Traders continue to consider a potential altcoin run similar to that of 2017 as prices reach new highs across the market.