Ethereum once again reached an all-time high

In late October the Ethereum exchange rate broke the recordset back in spring. Since then, not even a week has passed, and the cryptocurrency once again updated its historical maximum.

on May 12, 2021, the price of one Ethereum coin reached $4,380. The record lasted until October 29, when the value exceeded $4,400 for the first time. The new record, around $4,454, didn't last long at all. According to CoinMarketCap, the cryptocurrency rose to $4,472.54.

Raul Pal, head of Real Vision and ex-Goldman Sachs, said, that the main reason for Ethereum's rise is a supply shortage. According to him, only 11% of Ethereum is now available to investors.

There is so little altcoin left in free circulation due to the blocking of 8.4 million ETH in the ETH 2.0 protocol. At the same time, the new cryptocurrency burning mechanism plays an important role. Thus, since the release of the London update, almost 730,000 digital coins worth over $3 billion have already been burned in the Ethereum network.

Meanwhile, AMD AND NVIDIA graphics accelerators, which are used to mine the cryptocurrency, continue to rise in price. Whereas by mid-summer this year the markup had fallen to nearly 50%, you now have to overpay 101% for AMD cards and 88% for NVIDIA adapters.