Ethereum (ETH) hits all-time high thanks to 530% profit in 2021

After Ethereum fell below $ 4,000, Ethereum is leading the rebound in the altcoin market. On the way into December, the second largest cryptocurrency rose more than 7% to become the top performing cryptocurrency in the top 10.

Ethereum’s recent gains helped hit an intraday high of $ 4,780 – just 1% below the all-time high of $ 4,850 posted on November 10th. In the past 24 hours, ETH has seen marginal gains as it is currently trading at $ 4,742.

Ethereum (ETH) five-day price chart. The source: TradingView

While Ethereum’s recent performance is commendable, it pales in comparison to its year-to-date gains. Since early 2021, when ETH was trading at $ 736, Ethereum has grown more than 530%, outperforming the world’s largest cryptocurrency, Bitcoin, the price of which doubled by 2021.

Ethereum (ETH) annual price chart. The source: TradingView

Ethereum’s recent gains have been driven in part by the prospect that its blockchain platform is part of the metaverse. Ethereum, home to both non-fungible tokens and decentralized applications (dApps), is set to play a key role in the future of the metaverse.

• Despite its massive growth, Ethereum has not yet resolved the high fees problem that has plagued the network for a long time. Mining an NFT on Ethereum typically costs between $ 60 and $ 250

Ethereum’s support for multiple use cases has made it popular with institutional investors who poured $ 23 million into Ethereum products last week. Also, track capital inflows for the fifth consecutive week.

Reaching an all-time high while Bitcoin confuses 15% shows that Ethereum can break out of Bitcoin’s shadow.

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