Ethereum has updated a year and a half record of value

Today, on December 9, the leading altcoin reached a record high of $ 2,400. Ethereum hasn’t demonstrated such performance in a year and a half.

According to the analytical tracker CoinMarketCap, at the time of writing, the second largest cryptocurrency by market capitalization has dropped to $ 2,363. The total number of coins circulating on the market amounted to $ 284 billion. Traders made daily trading deals worth $ 11.9 billion. ETH’s market share amounted to 17.4%.

As a reminder, Ethereum’s previous high was recorded on December 4. Back then, the main altcoin was trading at $ 2252. A new multi-month high was formed at $ 2229, and then the price consolidated its gains. The next key resistance of ethereum was at $ 2320. Analysts noted that a clear move above $ 2320 could send the price to the $ 2450 resistance zone.

As for the reasons for the growth of the main digital assets, this happened against the backdrop of improved sentiment among cryptocurrency market players and increased demand for virtual assets from institutional investors. Analysts attributed the bullish sentiment of market participants to several different factors. These include the expectation of the approval of a spot ETF on bitcoin, the historical growth of cryptocurrencies in the last quarter of the year, and the approach of bitcoin halving.

Also, according to a report by the US Federal Reserve, inflation in the country slowed to 8.6% in November, down from 9.1% in October. This situation reduces the likelihood that the Fed will continue to raise interest rates. As a rule, such developments have a positive impact on cryptocurrency rates.