Ethereum (ETH) has been experiencing an upward trajectory for quite a while now, reaching its highest yearly price point in the week and presenting an impressive 52-week high.
Ethereum’s Price Supported By Latest Developments
The Ethereum’s price surge can be traced back to several factors that have propelled the cryptocurrency’s growth. The asset reached its 52-week high of $2,137 on Thursday, November 9, as seen in the chart below.
One of the factors that has contributed to the crypto asset’s price surge is the number of ETH staked. A rise in ETH staked, which stood at over 28 million, according to data from Beaconscan.
As of August, the number of validators in the Beacon Chain was approximately 786,000, but today that number is currently at 884,000. This indicates confidence in Ethereum’s long-term stability, which can be promising to investors.
In addition, the token’s on-chain volume has also increased significantly over time. Recent data shows that the asset’s volume now sits at approximately 2.62 billion from 1.5 billion as of September. This indicates an over 70% increase since September.
Blackrock’s Spot Ethereum ETF Sparks Increase
The most recent development that has propelled the asset’s price is BlackRock‘s registration of a spot Ethereum Exchange Traded Fund (ETF). Since the firm made known its registration of a Spot Ethereum ETF, there has been quite an improvement encompassing the cryptocurrency.
Blackrock is the world’s largest asset manager with trillions of dollars in assets under management, the firm that has also applied for a Bitcoin spot ETF. The firm applied for a Bitcoin spot ETF in June 2023. However, it is awaiting a decision from the United States Securities and Exchange Commission (SEC).
Featured image by iShock, chart by Tradingview.com