Ethereum, the second largest cryptocurrency, hit an all-time high today, hitting the $2,200 level for the first time in history.Here’s what is driving ETH to the new price.
ETH/USD Chart. Source: Binance
TVL in the ETH 2.0 Contract Reached an All-time High of Over $8 billion
At the time of writing, the price of the ETH is $2,159. Glassnode’s analytics firm tweeted that the total ETH value set in the Ethereum 2.0 deposit contract has reached a new ATH, which is now an ETH worth up to $8,049,974,417.34.
The previous all-time high was 4 days ago – April 6 – and totaled $7,922,885,885.72.
On April 2, when the price of Ethereum soared to a high of $2,152, the total value set in the ETH 2.0 contract also rose to $7,658,232,113.59.
Exchange’s ETH Balance Fell by 19%
According to another analysis firm, Santiment, the balance of the second largest cryptocurrency has fallen sharply by 19% since December.
Ethereum has been withdrawn into the cold storage wallet or locked into the DeFi platform. The tweet said reducing the supply of Ethereum on the exchange is beneficial as it prevents major sell-offs.
Blockchain reporter Colin Wu commented on the Santiment report, pointing out that the ETH circulation also showed a huge downward trend.
Ethereum Has Good Fundamentals and will Continue to Grow: CEO of SkyBridge Capital
In a report, Anthony Scaramucci, the founder and CEO of SkyBridge Capital, said in a recent interview with CNBC that he thought Ethereum was good on the basics.
He also believes that ETH will grow in the future and that its market is already large because it offers everything DeFi and NFT need.
So far, however, SkyBridge Capital has only focused on Bitcoin. Scaramucci admits that SkyBridge may also launch an Ethereum fund in the future.