Ethereum, which is the second-largest coin by market capitalization, soared today to a record high above $4,400 on a bullish sentiment that is associated with the Ethereum network upgrade and recent growth of Bitcoin to its all-time high.
The digital asset rose by 3.5%, or to $ 4403.93 as of 03:00 Universal time, exceeding the previous record of $ 4379.62 reached in May. Other smaller tokens, including Binance Coin and Solana, have rallied. Now, the worth of ETH is about $ 512 billion.
The digital token has largely surpassed Bitcoin over the course of the current year, increasing sixfold amid the growing interest of retail and institutional investors in this space. Bitcoin has shown growth of about 40% this month, reaching a record high of almost $67,000 per coin after the debut of the first bitcoin-related exchange-traded fund in the US.
"Network activity indicators for Ethereum seem to have found support and reached multi-month highs." - Digital asset strategists Sean Farrell and Will McEvoy said in a report on Thursday.
According to strategists, indicators such as transaction speed, new addresses, and active addresses showed strong growth this month after a decline in May.
