Ethereum, the world’s largest altcoin by market cap, and the second larger coin of the crypto industry, recently hit a new all-time high. This is not a major surprise given the recent developments surrounding the project, which suddenly attracted a lot of attention. However, after hitting the ATH, Ether also hit a major roadblock that is still holding.
Ethereum skyrockets after welcoming Visa to its network
Recently, Visa announced that it will start allowing crypto payments on its network, but that the payments will be processed via Ethereum’s blockchain. This brought a lot of hype for the USD Coin (USDC) which Visa is using, as well as for Ethereum, which has already been overwhelmed with the recent NFT craze. And, let’s not forget the growing DeFi sector which is still the strongest on Ethereum, plus all other ERC-20 altcoins on the project’s network.
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All of this brought a massive surge of Ethereum’s gas fees, due to the lack of scalability. But, on the positive side, it also affected its price, allowing it to surge to a new ATH.
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Ethereum price hits $2150
All of this, and more, allowed ETH to hit an ATH of $2,150 on April 6th, before correcting down to $2,044 later on the same day.
After that, the coin once again shot up to $2,130, and then it corrected to $2050 again. At the time of writing, it sits at $2014, still trading in the red, but seemingly on its way up for the 3rd time in the last day and a half.