Ethereum, the world’s largest altcoin by market capitalization and the second-largest coin in the crypto industry, recently hit a new all-time high. This is not a huge surprise given the recent developments around the project, which suddenly attracted a lot of attention. However, after hitting the ATH, Ether also ran into a major hurdle that still remains.
Ethereum goes up after welcoming Visa to its network
Recently, Visa announced that it will start allowing crypto payments on its network, but that payments will be processed through the Ethereum blockchain. This generated a lot of excitement for the USD (USDC) coin that Visa uses, as well as Ethereum, which has already been overwhelmed by the recent NFT craze. And let’s not forget the growing DeFi sector, which is still the strongest on Ethereum, in addition to all the other ERC-20 altcoins on the project network.
Looking for quick news, tips, and market analysis? Sign up for the Invezz newsletter today.
All of this brought a massive increase in Ethereum gas fees, due to lack of scalability. But, on the positive side, it also affected its price, allowing it to move up to a new ATH.
Tip: Looking for an app to invest wisely? Trade safely by signing up for our preferred option, eToro: visit & create an account
Ethereum price hits $ 2,150
All of this, and more, allowed ETH to hit an ATH of $ 2,150 on April 6, before correcting it to $ 2,044 later the same day.
After that, the coin spiked once more to $ 2,130, then corrected to $ 2,050 again. At the time of this writing, it is sitting at $ 2,014, still trading in the red, but apparently on its way up for the third time in the last day and a half.