During the day, altcoin rose in price by 11%, and its capitalization increased to $ 507 billion
The price of Ethereum on the Binance 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. During the day, Ethereum has risen in price by 11%.
Ethereum's price began after Bitcoin updated 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. Part of the commissions that miners previously received as rewards are now burned.
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.