It is not only bitcoin (BTC). Ethereum’s hash rate remains on the rise and hit a new all-time high this week, according to the graphs released by the firm Glassnode.
According to the company’s graphs, the current hash rate of the network specialized in smart contracts is at least 766 terahashes per second (TH/s). It shows a clear recovery since last June, when it reached a minimum of 455 TH/s.
The increase in the processing capacity of the network coincides with the increase in the price of the second leading cryptocurrency in the market, which is currently around USD 4,576.
In practical terms, the increase in the hash rate means that there are more miners joining the network, as well as adding new mining equipment, with greater power.
In fact, the following chart from Glassnode shows that there was a major drop in the hash rate in the middle of the year, just as China rammed in and banned the mining of Bitcoin and other cryptocurrencies. Little by little it recovered and it can be inferred that, as with BTC, the Ethereum miners that were in China, have migrated to other latitudes and have resumed their activity.
ATH week for Ethereum
In recent days, Cryptoreportage recorded the two historical highs in the price of ETH, reached in a matter of a week. The first was on October 21, when the cryptocurrency surpassed $ 4,366. 8 days later, it hit $4,400.
And, today, hours ago, the second leading cryptocurrency in the market registered a new all-time high, trading above USD 4,528, although it later corrected and remained stable above USD 4,450.
What was the reason for the increase? According to estimates, the new prices were reactions to Altair, the first ETH 2.0 update that went into effect on October 27 in several Latin American countries.
And it’s not just about the price. The number of Ethereum addresses with at least 1 ETH also hit a new all-time high, emerging market analytics firm Glassnode and this newspaper reported.
In its reports via Twitter, the analysis firm pointed out that, as of October 17, the number of addresses with at least 1 ether was 1.34 million , leaving behind the all time high (ATH) of last October 15.
Meanwhile, the realized price, which is the value of all the coins at the price they were bought divided by the quantity in circulation, reached USD 1,529.79 that day in the morning. A new all-time high for the decentralized network, according to the same firm.
That seems to be the keyword for Ethereum’s positive performance this year, consolidating its position as the second most important cryptocurrency, thanks in large part to the incursion of new institutional investors.
For example, the crypto-asset investment fund Grayscale Investments, obtained the approval of the Financial Industry Regulatory Authority (FINRA) of the United States, to add the Grayscale Ethereum Trust (ETHE) index to its product portfolio, with a cost per 0.09662399 ether share. The new product implies greater coverage for ether among institutional and individual investors.
And to that is added the increasingly regular applications for exchange-traded funds (ETFs) based on Ethereum, which have represented a bastion for the growth of the network.
Bitcoin hash rate also on the rise
The increase in the hash rate is also something that Bitcoin lives, the pioneer cryptocurrency, which last week reached its levels of May, almost completely surpassing the hard blow dealt by China with its ban.
As we recorded in this newspaper, the Bitcoin hash rate was on its way to a new all-time high, when, as of October 28, it was hovering around 172,713 exahashes per second (EH / s) in BitInfoCharts data.