All Time High! Ethereum Price Translucent IDR 43 Million

Ethereum price has increased (Coin Insider)

JAKARTA - The Ethereum (ETH) exchange rate has increased drastically. Ethereum recorded an all time high or its highest price at the level of 3,000 US dollars or around Rp.43 million.

The increase in ETH, which touched $ 3,000, was the first time in history. Currently ether has increased by about 300 percent per year. Meanwhile, Bitcoin only increased by 95 percent, as reported by Coindesk.

The increase in the price of Ethereum was due to higher market demand. Recently, the total market capitalization for decentralized finance (DeFi) has reached more than 100 billion US dollars. Currently, a number of DeFi projects are also being built on top of the Ethereum blockchain.

A CoinMetrics report shows that active addresses (DeFi) are currently surging to new all-time highs hitting the 771,000 mark. It skyrocketed from the previous level which only reached 739,000 in November 2020.

In addition, the number of daily transactions on the Ethereum blockchain has also increased 22 percent to 1.376 million this year, according to data reported by Glassnode.

Ether's growth also came as the Ethereum blockchain had an upgrade to Ethereum 2.0. This action will switch the Ethereum blockchain from Proof of Work (PoW) to Proof of Stake (PoS).

Ethereum founder Vitalik Buterin informed the Ethereum development roadmap after switching to PoS, one of which is a feature called sharding.

This sharding feature will expand Ethereum's capacity to process transactions by dividing the database into 64 new mini blockchains. This action is claimed to solve the bottleneck problem that is now plaguing the blockchain.

Similar tokens called 'Ethereum killers' have also seen increases such as Binance (BNB), Solana (SOL), and Polkadot (DOT).

Meanwhile, FundStrat noted that Ethereum is predicted to reach 10,000 US dollars by the end of this year.

“Ethereum's market cap has increased to 30 percent of Bitcoin's over the last few weeks. During the last market cycle, Ethereum broke this level and (had) a Bitcoin value of 80 percent. "