Ether Hits a New All-time High
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The price of Ether, the second largest cryptocurrency in the market by market cap, has recently reached a new all-time high.

According to CoinMarketCap, the price of the crypto has soared early this morning to $4,400.97 around 3:02 am CET after falling as low as $1,780 last July 21.

The crypto is currently trading at around $4,331.75, registering a 46.6% increase since the beginning of October. CoinMarketCap's price index indicates the previous high was recorded just eight days ago, when the asset reached $4,308.48 last October 21.

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ETH has been steadily rising since falling to around $1,780 on July 21, and has since gained 147% to climb to a new price discovery point.

The growth of the coin founded by Vitalik Buterin is due in part to the rise of decentralized finance (DeFi) and non-fungible tokens (NFTs).

In early August, the London update was released on the Ethereum network, which completely changed the mechanism for calculating transaction fees. Some of the commissions that miners previously received as rewards are now burned.

Since last August 5, 669,400 Ethers valued at $2.9 billion have been burned, according to The average burn rate right now is 5.5 ETH per minute, worth $23,800.

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