The Ethereum Hash Rate recovered from the drop it had in the middle of the year, breaking all records. Today, the price of ETH also marked a new all-time high of US$4,610.
It seems that it isn’t only the Bitcoin (BTC) with new ATH’s.
Ethereum’s hash rate remains on the rise and hit a new all-time high this week, according to the graphs released by the firm Glassnode.
According to the company’s graphs, the current hash rate of the network specialized in smart contracts is at least 766 Tera Hashes per second (TH / s). It showed an apparent recovery since last June when it reached a minimum of 455 TH / s.
Ethereum’s hash rate rose to 766.44 TH / s at the cutoff on November 1. Source: Etherscan
ATH Week for Ethereum
In recent days, there were two historical Highs in the price of ETH, which reached in a matter of a week.
The first was on October 21, when the cryptocurrency surpassed US$4,366.09. Eight days later, it hit US$4,400.
And, today, hours ago, the second leading cryptocurrency in the market registered a new all-time high, trading above USD 4,528. However, it later corrected and remained stable above USD 4,450.
What was the reason for the increase? According to estimates, the new prices were reactions to Altair, the first ETH 2.0 update that went into effect on October 27 in several Latin American countries.
And it’s not just about the price. The number of Ethereum addresses with at least 1 ETH also hit a new all-time high, emerging market analytics firm Glassnode and this newspaper reported.
As of October 17, the number of addresses with at least 1 ETH was around 1.34 million, leaving behind the ATH of last October 15.
In the meantime, the price of the currency reached USD 1,529.79 that day in the morning. A new ATH for the DeFI, according to Glassnode.
Confidence in Ethereum?
That seems to be the keyword for Ethereum’s positive performance this year, consolidating its position as the second most crucial cryptocurrency, thanks in large part to the incursion of new institutional investors.
For example, the crypto-asset investment fund Grayscale Investments obtained the approval of the Financial Industry Regulatory Authority (FINRA) of the United States to add the Grayscale Ethereum Trust (ETHE) index to its product portfolio, with a cost per 0.09662399 ether share.
The new product implies more excellent coverage for ether among institutional and individual investors.
Besides that is added the increasingly regular applications for exchange-traded funds (ETFs) based on Ethereum, which represented the growth of the network.
Bitcoin Hash Rate is also on the rise
The increase in the Bitcoin hash rate is also something that Bitcoin lives by, which last week reached its levels of May, surpassing, almost wholly, the hard blow dealt by China with its ban.
The Bitcoin hash rate was on its way to a new all-time high when, as of October 28, it was hovering around 172,713 exahashes per second (EH / s) in BitInfoCharts data.