Today the price of Ethereum (ETH) hit a new all-time high. In fact, for the first time in its history, it exceeded $ 3,000, peaking at nearly $ 3,200. It has now hovered above $ 3,100.
In reality, the price of ETH has been making new all-time highs for days.
After breaking above $ 2,600 for the first time on April 22, the price had dropped to $ 2,200, but this was only a temporary correction.
As early as April 26, the price started to rise again, exceeding $ 2,700 for the first time on April 28, and $ 2,800 on May 1st.
Yesterday it also crossed $ 2,900 for the first time, while today it also rose above the psychological threshold of $ 3,000.
The reasons behind the new all-time high of Ethereum
According to some hypotheses, today’s momentum, which generated a gain of more than 7% compared to yesterday, would be due to the news that the European Investment Bank (EIB) has announced the issuance of a digital bond based on Ethereum . This news, however, dates back to April 28, so it is unlikely that it had an impact on the price only today.
However, it must be said that on Wednesday 28 April the price of ETH recorded a new all-time high, exceeding $ 2,700 for the first time, while traditional financial operators are closed during the weekend.
Another reason, on the other hand, could simply be due to a growth in market demand, in particular linked to NFTs.
In fact, many NFTs are issued on the Ethereum network, and to transact them it is necessary to pay for gas in ETH.
After a short period, between mid-March and late April, during which the hype about NFTs had significantly reduced, starting from 25 April there was new growth. It is probably no coincidence that the price of ETH began to rise again from April 26, after the brief decline in the days following April 22.
Interest in NFTs has started to rise again in recent days, and this may have caused an increase in demand for ETH.
It should be noted that at the beginning of the year the price of Ether was a quarter of the current one, therefore in the course of 2021 the return on ETH was higher than 300%, in just four months. Furthermore, the maximum price reached during the last big speculative bubble, that of late 2017 / early 2018, was below $ 1,500, which is less than half the current price.