• TheHoursTime

Ethereum price all-time high follows reduced gas costs and DeFi

Ether (ETH) rose Tuesday to a record high price above $2,700 after a powerful three-day rally.

The price of ether, the native cryptocurrency of the Ethereum blockchain and the second-biggest overall, climbed to as high as $2,718 around 1:00 coordinated universal time (9 p.m. ET), based on CoinDesk data. As of press time, ether was changing hands around $2,640, up 5.6% in the past 24 hours.

The new high came after three straight daily gains totaling 19%. The move extended the cryptocurrency’s stunning rally this year: It has tripled already in 2021, amid trader enthusiasm overgrowth in blockchain applications like decentralized finance (DeFi) and non-fungible tokens. Bitcoin (BTC), by comparison, is up 89% this year.

Mainstream adoption of cryptocurrency continues to reach new highs in 2021 thanks to the growth of popular sectors like decentralized finance (DeFi) and nonfungible tokens (NFTs).

The explosive growth seen over the past year would not have been possible without the Ethereum network, which saw the price of Ether (ETH) break out to a new all-time high on April 27 following the successful launch of the "Berlin" upgrade on April 15.

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