Ethereum, the second-largest cryptocurrency by market cap, hit an all-time high of $1,500.
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The chart below shows a strong uptrend in price amid a surge in trading volumes.
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15-minute BTC/USD chart on Bitstamp from TradingView.
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Ethereum’s market capitalization approached $170 billion.
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Data: CoinGecko.
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ETH rose 13.6% in the last 24 hours, and 91.1% since the start of the year. For comparison, Bitcoin’s price rose by only 8.5% over the past month.
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According to IntoTheBlock, on-chain activity in the Ethereum network reached levels last seen in January 2018, when ICO fever was in full swing.
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$ETH breaks the $1500 barrier for the first time and enters into price discovery.
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And to celebrate the ATH, here are some facts:
\n— 100% addresses profitability
\n— On-chain transactional activity back to Jan 2018 numbers (averaging 1.16m daily)
\n— 52.38m addresses holding ETH (ATH) pic.twitter.com/wBahuL8UIk\n
— IntoTheBlock (@intotheblock) February 2, 2021
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Against the surge in on-chain activity, the price of gas required to execute transactions rose.
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Data: ETH Gas Station.
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The largest gas consumer is the leading DEX platform Uniswap.
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Earlier, Glassnode analysts concluded that one of the most important drivers of Ethereum’s price growth is whales.
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