Ethereum Price Breaks $500 for First Time Since 2018

decrypt.co 2020-11-20 09:33
Reading time: ~1 m

The price of Ethereum has risen above the $500 barrier for the first time since 2018. The last time the cryptocurrency was above $500 was July 2018.

Ethereum has been the talk of the town in recent months as the crypto community anticipates the release of Ethereum 2.0, a massive upgrade to the Ethereum network that aims to solve long standing scalability issues plaguing the Ethereum network. But while we wait for this upgrade, Ethereum's price has kept rising.

$ETH > $500 pic.twitter.com/gX9cBADRa5

— Cryptowatch (@cryptowat_ch) November 20, 2020

"Ethereum has the network, it has the attention and now we are starting to see the true price discovery start," Charles Storry, co-founder of PhutureDAO, told Decrypt.

This recent price increase adds to solid growth over the last month, with Ethereum's price having risen from $375 on October 20, 2020. What's more, Ethereum began the year at just $130. That means this represents a 33% increase in the last month, and a 284% gain on the year so far.

But it still has a long way to go if it wants to break a new all-time high.