Ethereum, also known as the silver cryptocurrency, managed to get appreciated at a new ATH of $2,644 earlier this week. The gains were attributed to the three ETH bounded exchange-traded products launched in Canada at Toronto Stock Exchange. However, after the recent depressive trend of the US Stock exchange and crypto markets in general, the altcoin has been shifted to $2,244 with a 3.24% correction.
Some good news has come the way of the consistent crypto coin from crypto exchange platforms. The data shared by Coinmetrics and Glassnode show that the current number of active users on the network has reached as high as 771,000. This is a new record for the Ethereum network in terms of the active user base. During 2018 a similar peak of active users counted at 735,000 was noticed. The 2018 spike was inspired by the rise in initial coin offerings (ICOs) around the network.
Ethereum Outshining all Ethereum Killers
Several new blockchains like Cardano, Polkadot, and Uniswap were named Ethereum killers by the crypto community. The main reason for these titles is that gas fees on the Ethereum network kept increasing. Many altcoins started to migrate to personalized or alternative ecosystems to maintain a faster transaction speed. Ethereum is now preparing to upgrade to Berlin Fork to mitigate the problem.
Another upgrade, London Fork, would be implemented in July. Meanwhile, the Ethereum token has also registered a new localized ATH of $2,575 at Bitstamp Exchange. These trends are signalling a massive bullish trend for Ethereum in the upcoming weeks. A digital exchange reporter Weiss Crypto has taken to Twitter, exclaiming that the market seems free from the danger of any Ethereum Killers for the time being.
After Bitcoin, Institutional Investors Started to Take a Massive Interest in the Ethereum
In the commodities markets, investors are always looking for high-yield alternatives to diversify their portfolios. Likewise, in the crypto world, where investors are always rushing towards crypto gold, they are also considering crypto silver to safeguard their investment. The news about the Ethereum network converting to proof of stake consensus has also contributed to this fame ominously.
Very recently, a huge installment of Grayscale Ethereum Trust shares was acquired by Rothschild Investments.
The USA-based trading giant acquired about 265,302 ETCG shares that are valued at $4.75 million. The top holdings of Rothschild Investments include names like Apple Inc. and JPMorgan Chase, among others.