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28 March 2024
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Ethereum

Ethereum hits new historic high and bitcoin exceeds $ 38,000

Both Ethereum and Bitcoin are operating high this Friday (05). ETH reached another historic record of just over $ 1,720. In Brazil, it was traded above R $ 9500. BTC, on the other hand, surpassed US $ 38 thousand at the beginning of the day and then took a slight step backwards.

ETH’s market capitalization – the combined price of all currencies in circulation – amounts to approximately US $ 195.9 billion, with a daily trading volume of more than US $ 40 billion.

Ethereum has shown a strong upward trend in recent weeks, rising from $ 640 to its current price in just two months and surpassing its previous record in early January 2018.

Bitcoin, on the other hand, has not broken a record today, but its price has exceeded $ 38,000, potentially preparing the asset to move towards its $ 41,940 high recorded on January 8.

Ethereum on the rise

The price this time is not being driven by the retail market. A document released yesterday by the manager Grayscale shows its product ‘Ethereum Trust’, a publicly traded product that has an underlying value of ETH, grew by US $ 38 million in just one day, when it was reopened for business. This brings your total assets above the $ 4.2 billion.

Ninos Mansor, a partner at Arrington XRP Capital, said that some catalysts that drove ETH prices up were the increasing adoption of DeFi applications and the huge amounts of ETH blocked in “stake” as the blockchain turns into a POS.

He added that the reopening of the Grayscale Ethereum Trust was a potential “black hole” for the asset. This is because the coins are stuck for long periods of time, which means that they cannot be sold and dumped on the market. Essentially, this could end up reducing the amount of liquidity on the exchanges – which continues to fall.

On the bad side, the rising price of ETH has caused transaction fees to skyrocket. Gas – as the fee is called – is costing $ 17.48 (R $ 94.70), on average, according to the ycharts data platform. Due to the high cost, several traders are complaining about the impossibility of trading with ETH on several exchanges.

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