Ether Hit a New All-Time High of $4638

by in Cryptocurrency News

Ethereum new all-time high

The price of the largest altcoin hit a new all-time high of $4638. In the last 24 hours, Ether went up by around 6%. The token's market cap stands at above $540.2 billion, and its market dominance index is 19.7%.

Related: Ethereum fees rise to highest level since early September

Ethereum's hash rate reached a new all-time high too. The highest average hash rate was 813,533.6271 Giga hashes per second on November 2. Bitcoin's price also increased and currently is around $63.100. The total crypto market cap exceeded $2.74 trillion.

Ether's new record happens several days later after the successful Altair upgrade. It's a part of the network's switching to the Proof of Stake consensus mechanism. The process is planned to be over in mid-2022. Currently, Proof of Work and Proof of Stake run together on the blockchain.

In early August, Ethereum's London hard fork went live and changed the way of pricing. After the upgrade, a percentage of network fees is burned. Data from EtherChain shows that about 742.300 Eths have been burned in total.