- Image source : elevenews.com -
Ethereum has hit a new all-time high today, breaking its previous high of $4,467, as its hashrate also broke records.
The new price record coincides with an all-time high for Ethereum’s hashrate, the measure which shows the processing power of the Ethereum network.
What’s more, Ethereum’s all-time hashrate high has in turn coincided with news that the supply of ETH is on pace to shrink following the network’s much anticipated Ethereum 2.0upgrade.
According to Ultrasound Money, an Ethereum tracker that has conducted simulations of Ethereum’s future, the supply of ETH is set to decline 2% each year following the network’s pivot to a proof of stake consensus mechanism. That means that less ETH would be created with each newly mined block.
Other reasons for ETH’s bull run
There are, of course, other reasons for ETH’s recent price success.
One macro reason is the burgeoning NFT market, which predominantly runs on the Ethereum network.
In recent months, household brands such as Budweiser and Visa have embraced NFTs, along with some of the world’s largest sports stars and franchises, including Tom Brady, Rob Gronkowski, and Spain's marquee soccer league, La Liga. ( source : Decrypt.co )
- This is for educational purposes and not considering financial advice.