- The price of Ethereum on March 13 was $110.60 and the current price of the crypto is $213.27.
- The top second crypto by marketcap has performed way better than other investing options.
ETH has grown more than 80 percent in two months. The price of Ethereum on March 13 was $110.60 and the current price of the crypto is $213.27. Hence, the second most valuable crypto has performed way better than other investing options. The daily trading volume of this crypto is more than $14 billion. Furthermore, the launching of ETH 2.0 has boosted the bullish trend further. According to Ethereum Foundation researcher, Justin Drake, their team could launch Ethereum 2.0 a year or two earlier as they have used fewer design iterations. There are some reasons for the bullish trend of the price of Ethereum rising high.
Bitcoin Rally Post Halving
Bitcoin started the year at $7124 and is currently trading at $9704. Hence, the crypto increased more than 30 percent on a year-to-date basis. Many traders and investors think that the price of Bitcoin increased for Bitcoin halving 2020. For this reason, even many fund managers invested their funds in Bitcoin. As the reward halving cut the 50 percent in rewards per mined block, this helped to boost the rally of the crypto from the last two months. Many people think the current negative trend in the equity market has also boosted the investment in crypto. Whatever the reason is, the price of Bitcoin gained after the fast-spreading of COVID-19. This also helped to boost the price of other cryptos along with ETH. Also, a study suggests that around 74% of investors consider buying another crypto after buying Bitcoin.
Ethereum 2.0 Staking Upgrade
Launching of Ethereum 2.0 has been delayed for a long period. However, many crypto experts are more than 80% sure that the crypto will launch on July 30. The protocol upgrades to Ethereum 2.0 will shift the existing proof-of-work consensus algorithm to proof-of-stake and transfer validation function from miners to particular network validators. Ethereum 2.0 has boosted the reliability of the crypto recently. Hence, the price of Ethereum will boost with a larger demand, this is another reason why investors preferred this crypto.
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