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November 1, 2020
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Ethereum reaches $ 400 and plummets right after!

Ethereum surpassed $ 400 today – a mark that has not been reached since August 2018.

This Saturday (02) Ethereum confirmed its high and surpassed the US $ 400 mark. However, on the same day, the cryptocurrency plummeted, falling from US $ 413 to US $ 359 in less than half an hour.

The night started off wonderfully, with the price of Ethereum rising to dizzying heights. Ethereum has not surpassed the $ 400 mark since the beginning of August 2018. Ethereum has appreciated 14.1% in the last 24 hours, with ETH rising from $ 351.19 to $ 413. At the time of writing this article, at 04:10 (Brasília time), the price stabilized at US $ 374, according to the Coindesk.

On Friday, Ethereum surpassed the $ 340 mark for the first time since July 2019 and on Saturday it reached a market capitalization of $ 40 billion – the first time since August 2018.

The day began as a good birthday present for Ethereum, which marked the five-year anniversary of its launch on the main network on July 30.

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Still, it is the future of Ethereum that seems to be fueling its recent growth. The Ethereum (ETH) increase was attributed to DeFi boom, as well as investors who anticipate the launch of ETH2.0 by the end of this year.

With the arrival of Ethereum 2.0 cryptocurrency will change from the current proof-of-work for proof-of-stake, as well as using sharding techniques to accelerate transactions on the blockchain.

Breaking the $ 400 barrier represents a dramatic turnaround for Ethereum, which reached the $ 110 mark in March after the “Black Thursday” market crash as a result of the COVID-19 pandemic that hit the West .

Source: decrypt

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