ethereum (eth) has been experiencing an upward trajectory for quite some time now, hitting its highest yearly price on the week and posting an impressive 52-week high.
ethereum price supported by latest developments
He The price of ethereum The rise can be attributed to several factors that have fueled the growth of the cryptocurrency. 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 increase in the price of the crypto asset is the amount of eth staked. TO ethereum-staking-statistics” target=”_blank” rel=”nofollow”>raise in eth staked, which amounted to more than 28 million, according to data by Beaconscan.
TOIn August, the number of validators on Beacon Chain was approximately 786,000, but today that number is 884,000. This indicates confidence in the long-term stability of ethereum, which may hold promise for investors.
Additionally, the token’s on-chain volume has also increased significantly over time. Recent data shows that the asset’s volume now stands at approximately 2.62 billion from 1.5 billion in September. This indicates an increase of more than 70% since September.
Blackrock Spot ethereum ETF Sparks Rising
The most recent development that has boosted the asset’s price is BlackRock’s registration of a spot ethereum exchange-traded fund (ETF). Since the company unveiled the registration of a Spot ethereum ETF, there has been a huge improvement around the cryptocurrency.
Blackrock is the world’s largest asset manager with trillions of dollars in assets under management, the firm that has also requested for bitcoin-etf-back-dtcc/” rel=”nofollow”>bitcoin Spot ETF. The company filed for a bitcoin spot ETF in June 2023. However, it is awaiting a decision from the US Securities and Exchange Commission (SEC).
Featured image of iShock, chart from Tradingview.com
