Ethereum hits new all-time high amid surging hashrate

Ethereum (ETH) has hit a new all-time high price of $4,468.38 today, after breaking through its previous all-time high of $4,467 at approximately 9:30 EST.

The new price record coincides with an all-time high for Ethereum’s hashrate, the measure which shows the processing power of the Ethereum network.

According to Etherscan.io, Ethereum’s hashrate hit 812,768.9228 GH/s yesterday.

What’s more, Ethereum’s all-time hashrate high has in turn coincided with news that the supply of ETH is on pace to shrink following the network’s much anticipated Ethereum 2.0 upgrade.

According to Ultrasound Money, an Ethereum tracker that has conducted simulations of Ethereum’s future, the supply of ETH is set to decline 2% each year following the network’s pivot to a proof of stake consensus mechanism. That means that less ETH would be created with each newly mined block.

Other reasons for ETH’s bull run

There are, of course, other reasons for ETH’s recent price success.

One macro reason is the burgeoning NFT market, which predominantly runs on the Ethereum network.

After seeing over $2 billion in sales during the first half of the year, non-fungible tokens (NFTs) recovered from a lull, and are now all the rage once again.

In recent months, household brands such as Budweiser and Visa have embraced NFTs, along with some of the world’s largest sports stars and franchises, including Tom Brady, Rob Gronkowski, and Spain's marquee soccer league, La Liga.

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Source: Decrypt