Ethereum (ETH) It has been on an upward trajectory for a long time now, hitting its highest yearly price point in a week and making an impressive 52-week high.

Ethereum price supported by the latest developments

the Ethereum price The rise can be attributed to several factors that have driven the growth of the cryptocurrency. The asset reached a 52-week high of $2,137 on Thursday, November 9, as shown in the chart below.

One factor that has contributed to the rise in crypto asset prices is the number of ETH coins accumulated. A rise in the value of ETH, which reached more than 28 million, according to data from Beaconscan.

aIn August, the number of validators on the Beacon Chain was around 786,000, but today that number currently stands at 884,000. This indicates confidence in the long-term stability of Ethereum, which could be promising for investors.

In addition, the on-chain token size has also increased significantly over time. Latest data shows that asset volume is now around 2.62 billion from 1.5 billion as of September. This indicates an increase of more than 70% since September.

Sparking Blackrock’s Spot Ethereum ETF

The latest development that has pushed the price of the asset is BlackRock’s registration of a spot Ethereum Exchange Traded Fund (ETF). Since the company announced its registration for the Spot Ethereum ETF, there has been a significant improvement involving the cryptocurrency.

BlackRock, the world’s largest asset manager with trillions of dollars in assets under management, is also the company that has applied To get Bitcoin Spot ETF. The company applied for a Bitcoin spot investment fund in June 2023. However, it is awaiting a decision from the US Securities and Exchange Commission (SEC).

Featured image by iShock, chart by Tradingview.com