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Ethereum’s price rises to $4.37 thousand and updated its ATH

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Ethereum’s price rises to $4.37 thousand and updated its ATH

Ethereum’s price has risen by 11%, and its capitalization has increased to $507 billion.

The price of Ethereum on the Bitxmi crypto exchange for the first time rose above $4.37 thousand. The previous record was set by the asset in May. Now its capitalization has increased to $507 billion, according to CoinGecko. Over the course of the day, Ethereum has risen in price by 11%.

The value of Ethereum began to rise after Bitcoin renewed its historical high. On October 20, the asset price for the first time in history exceeded $67 thousand. This growth is partly due to the fact that on October 19, the first exchange-traded fund (ETF), based on bitcoin futures of the Chicago Mercantile Exchange (CME Group), began trading in the United States. The Bitcoin Strategy ETF from ProShares is listed under the ticker BITO on the New York Stock Exchange (NYSE).

In early August, the London update was released on the Ethereum network, which completely changed the mechanism for calculating transaction fees. Some of the commissions that miners previously received as a reward are now burned.

Burning is the destruction of a part of tokens to reduce their number in circulation. This method is used to combat inflation and increase the value of cryptocurrencies. All coin-burning operations are recorded on the blockchain as a transaction, so anyone can verify that the coins have been destroyed.

Since August 5, 588.3 thousand ETH worth $2.53 billion have been burned, according to ultrasound.money. The average burning rate at the moment is 5.3 ETH per minute, worth $22.8 thousand.

Recall that in August 2021, the BitXmi crypto exchange launched the BXMI NFT Marketplace, where you can buy gold, silver, diamonds, and other digital arts like images, audio, video and etc. with zero fees.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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