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       #Post#: 80--------------------------------------------------
       Ethereum crypto currency soars to all time high
   DIR By: guest7
       Date: October 30, 2021, 8:31 am
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       Ether, the second-largest cryptocurrency, soared to a record
       above $4,400 Friday on bullish sentiment surrounding the most
       used blockchain network.
       Ethereum cryptocurrency soars to an all-time high
       Ether underpins the affiliated Ethereum Network, the dominant
       blockchain used for thousands of decentralized applications.
       The digital asset gained as much as 4.8% to $4,459.20, topping
       the previous record of $4,379.62 in May. The token traded around
       $4,387 as of 2:41 p.m. in New York. Other tokens including
       Binance Coin and Solana rallied. Ether is now worth more than
       $520 billion, according to data from CoinGecko.com.
       Ether’s latest milestone comes as the digital token has far
       outperformed Bitcoin throughout this year with a sixfold
       increase amid surging retail and institutional investor interest
       in the space.
       Outstanding futures in Ether soared to $12.5 billion, exceeding
       the May peak to notch a new record high, Bybt data show. Similar
       to Bitcoin, funding rates — or the cost of keeping a bullish bet
       open — have climbed this month on online exchanges. On CME, the
       futures curve has also steepened in a sign of optimism over the
       price trajectory.
       “On-chain activity metrics for Ethereum appear to have found
       support and are reaching multi-month highs,” said Sean Farrell
       and Will McEvoy, digital asset strategists with Fundstrat in a
       report Thursday. Measures including transaction rate, new
       addresses and active addresses have shown strong growth this
       month after suffering declines in May, the strategists said.
       Meanwhile, some analysts pointed to a connection between the
       rise in the uber-popular Shiba Inu coin and Ether’s record.
       
       Ethereum’s EIP 1559 upgrade was implemented in August — and this
       burns a portion of fees paid to miners, reducing net issuance as
       a function of network usage, said Sam Doctor, chief strategy
       officer and head of research at BitOoda, a regulated crypto
       brokerage.
       “So if Shiba Inu generates a lot of traffic, it increases
       network congestion and contributes to more ETH being burned,” he
       said. “That slows the net growth in ETH in circulation. Tighter
       ETH supply combined with high network usage likely drove Ether’s
       price up.”
       Bitcoin rose some 40% this month to reach a record of almost
       $67,000 following the debut of the first Bitcoin-linked
       exchange-traded fund in the U.S. The world’s biggest digital
       currency was 1.6% higher in New-York trading at $62,405.
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       Posted by astra.
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