Ethereum Reached a New All-Time High of $1560

by in Cryptocurrency News

Ethereum above $1560

On Tuesday, the price of Ethereum surpassed $1500. The previous record high occurred on January 19, when the price hit $1420.

Related: Bitcoin miners earned over $1 billion in January

At the moment, Ether trades at around $1560.

The token ranks second by market capitalization, which has seen a 12.32% rise over the last 24 hours and now stands at $177 Billion. According to analysts, the positive trend will continue for ETH.

On February 1, the CEO of digital asset manager company Grayscale, Michael Sonnenshein, tweeted about Ethereum Trust. He informed the community that the Trust is available for accredited investors to allocate capital at NAV (net asset value) for the first time in over a month.

Grayscale holds over 2.8 million Ether. Many investors assume that the reopening of the Ethereum Trust may be the reason for high demands. And due to the high demand, the price will continue to go up.

Ethereum's chain activity is pretty high. Transaction fees overtook that of Bitcoin's. The amount of value transferred on the network along with daily active addresses has hit an all-time high.