Ethereum Surged to a New All-Time High

by in Cryptocurrency News

Ether set a new record

The price of the largest altcoin by market cap surged to $1,439 on Bitstap. The previous all-time high dates back to 2018.

Related: Synthetix launches Ethereum level 2 Optimism solution

The market cap of the cryptocurrency surpasses $163 B at the moment.

Recently the Ethereum network's daily transaction volume has also been rising noticeably. At the moment it is 12 B, which is 3 B more than Bitcoin.

Generally, DeFi tokens have been performing well lately. The majority of them saw price increases. XRP went up 7%, Litecoin 14%, and Bitcoin Cash (BCH) 9%. The previous week was also beneficial for the industry. Polkadot went up 105% and Chainlink 50%.

More than $25 B total value is now locked in various DeFi protocols. This is essential for the Ethereum network as it empowers a great number of apps. Although Ethereum still has some drawbacks like high gas fees, it's the absolute leader among altcoins, and this fact is unlikely to change soon.