Ethereum Price Soars to 52-Week High
Ethereum (ETH) has been experiencing a continuous upward trajectory, reaching its highest price point of the year and hitting an impressive 52-week high. The surge in Ethereum’s price can be attributed to several factors that have fueled the cryptocurrency’s growth. On November 9, the asset reached a 52-week high of $2,137.
One of the contributing factors to the price surge is the increase in the number of ETH staked. According to data from Beaconscan, over 28 million ETH has been staked. Additionally, the number of validators in the Beacon Chain has grown from approximately 786,000 in August to 884,000 currently. This increase indicates confidence in Ethereum’s long-term stability, making it promising for investors.
Furthermore, the on-chain volume of the Ethereum token has significantly increased over time. Recent data shows that the asset’s volume now sits at approximately 2.62 billion, a 70% increase since September when it was 1.5 billion.
The most recent development that has propelled the asset’s price is BlackRock’s registration of a spot Ethereum Exchange Traded Fund (ETF). BlackRock, the world’s largest asset manager, has trillions of dollars in assets under management. The firm has also applied for a Bitcoin spot ETF in June 2023, awaiting a decision from the United States Securities and Exchange Commission (SEC).
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