Etherеum

Ethereum (ETH) Hits All-Time High of $2350 Flipping Intel Corporation In Size

The world’s second-largest cryptocurrency Ethereum (ETH) has surged a solid 8.27% today hitting its new all-time high of $2350 with its market cap going past $270 billion. During this recent ETH price rally, Ethereum (ETH) has outgrown some of the biggest companies in the world. With its recent move, Ethereum surges past the size of Intel Corporation (NASDAQ: INTC).

Ethereum flips Intel Corp by market cap. pic.twitter.com/oaVOUT6yKP

— Documenting Ethereum 🧾 (@DocumentEther) April 13, 2021

Interestingly, the ETH price rally comes just on the day when the Ethereum blockchain is all set to undergo the Berlin upgrade ahead today on Wednesday, April 14. Recently, there have been a few concerns about the Ethereum network fees. However, investors have managed to hold strong their supplies with further accumulation.

As CoinGape reported, the concerns of ETH gas fee have eased a little bit with the gas fee dropping to a five-week low to an average of $11.08 per transaction. Although the Berlin upgrade won’t have much impact in the short term, it will open the doors for the London upgrade ahead of this summer.

The London upgrade plans to alleviate the ETH gas fee concerns for its users by burning some of the gas fees. However, this has been strongly objected by the ETH miner community.

Ethereum (ETH) On-Chain Metrics

The on-chain fundamentals for Ethereum also back the current price surge for Ethereum (ETH). A lot of ETH coins have been moving off exchanges reducing the active supply of the coin. As Glassnode reports, the amount of active supply on a 3-5 year chart has reached 7 month low.

📉 #Ethereum $ETH Amount of Supply Last Active 3y-5y (1d MA) just reached a 7-month low of 18,166,689.136 ETH

View metric:https://t.co/IuPSW2cNZK pic.twitter.com/UeVbUPo2vn

— glassnode alerts (@glassnodealerts) April 13, 2021

Another data from Glassnode shows that the number of hourly transactions on the Ethereum blockchain has reached an all-time high of 52,707.179. Last but not the least, the number of ETH addresses in profit has also hit an all-time high.

📈 #Ethereum $ETH Number of Addresses in Profit (7d MA) just reached an ATH of 56,665,226.988

View metric:https://t.co/9t2b8JZ83s pic.twitter.com/2ACORHuXPm

— glassnode alerts (@glassnodealerts) April 13, 2021

As on the technical charts, the recent ETH price rally has opened the doors for a further move to $3000 and above.

   

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