• Ethereum Sets a New All-Time High Due to Rising Hashrate

  • Ethereum (ETH) has reached a new all-time high of $4,468.38 today, after surpassing its previous all-time high of $4,467 at around 9:30 EST.

    The new price high coincides with an all-time high for Ethereum’s hashrate, a measure of the Ethereum network’s processing power.

    Ethereum’s hashrate reached 812,768.9228 GH/s yesterday, according to Etherscan.io.

    Furthermore, Ethereum’s all-time hashrate high has coincided with news that the ETH supply is on track to shrink following the network’s much-anticipated Ethereum 2.0 upgrade.

    According to Ultrasound Money, an Ethereum tracker that has run simulations of Ethereum’s future, the supply of ETH is expected to fall by 2% per year following the network’s shift to a proof of stake consensus mechanism. This means that with each newly mined block, less ETH is created.

    Other explanations for ETH’s bull run

    Of course, there are other reasons for ETH’s recent price success.

    One major reason is the burgeoning NFT market, which is primarily powered by the Ethereum network.

    After exceeding $2 billion in sales in the first half of the year, non-fungible tokens (NFTs) have recovered from a lull and are once again all the rage.

    In recent months, household brands such as Budweiser and Visa, as well as some of the world’s largest sports stars and franchises, such as Tom Brady and Rob Gronkowski, and Spain’s marquee soccer league, La Liga, have embraced NFTs.

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