Ethereum Reaches All-Time High after Significant Exchange Outflows

Ethereum, the world’s second-most valuable digital currency, has been on the rise since the start of 2021. ETH registered an all-time high of nearly $3,550 on 6 May after a jump of approximately 8% in the last 24 hours.

According to Coinmarketcap, Ethereum has gained nearly 30% in the last 7 days. The total market cap of ETH jumped above $400 billion on Thursday amid significant demand for the world’s second-largest cryptocurrency.

Ethereum is now more valuable than the financial services giant, Mastercard. ETH crossed the total market cap of PayPal and the Bank of America last week. As of writing, ETH is currently trading near $3,450 with a market cap of approximately $401 billion. Ethereum’s market dominance is currently hovering around an all-time high of 17%.

One of the key reasons behind the latest surge in Ethereum is the massive outflows of ETH from leading digital exchanges. ETH whales are moving the digital currency in large amounts from crypto exchanges to Cold Storage Cold Storage Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se Read this Term in an effort to increase the demand.

“Ethereum has hit new historical All-Time High territory, jumping to $3,550. ETH's exchange flow balance has favored coins moving off exchanges more than on. This implies a higher chance of continued growth, and lower risk of major selloffs,” crypto Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Read this Term firm, Santiment mentioned on Twitter.

Ethereum’s Network Activity

The overall network activity of ETH has jumped significantly amid the recent price surge. The total number of Ethereum transactions has increased above the $3,000 price level. The trading activity of Ethereum surged during the last 24 hours as more than $50 million worth of short ETH positions got liquidated within a single day after ETH reached the all-time high level. According to the latest data published by Etherscan, the deposit contract of ETH 2.0 now has more than 4.2 million staked Ethereum with a total value of more than $14.7 billion.

The latest jump in ETH’s price has made Vitalik Buterin, Co-Founder of Ethereum, a billionaire after his public crypto address reached 333,521 ETH, which is approximately $1.15 billion in value.