Ether (ETH) price broke a record on Tuesday, just one day before its next update “Berlin” scheduled for Wednesday, April 14th.
Ether price hit $ 2,228 on April 13, reaching an all-time high in dollars. The market value of crypto money also exceeded $ 250 billion for the first time. For comparison, the market cap of Bitcoin (BTC) was at the same level in October 2020, just six months ago.
Ether increased by 1,328 percent over the past year, despite the increasing transaction fees of the Ethereum network causing concern. The Ethereum network’s transaction fees reached an average of $ 38.21 in February, making Ether an unusable cryptocurrency for transaction.
However, investors continued to hold onto cryptocurrency due to the network update expected to lower transaction fees. The “London” update, scheduled for this summer, includes burning some of the transaction fees paid to miners.
The Berlin update, which will take place on April 14, is expected to be less effective in the short term, but will prepare the network for the London update by making four major changes to the network.
In addition to Ether, Bitcoin is also refreshing a record today, reaching over $ 63,000.