Ethereum price all-time high following reduced gas costs and DeFi revival
The mainstream cryptocurrency adoption continues to reach new highs in 2021 regarding the growth in popularity of the DeFi and NFT sector.
The explosive popularity seen over the past year and the major credit goes to the Ethereum network, which saw the price of Ether (ETH) reaching a new all-time high of $2,713 on April 27 following the successful launch of the "Berlin" upgrade.
According to the data from CoinMarketCap, the Ether price has risen 27% over the past five days from a low of $2,107 on April 25 to a new record high of $2,713 on April 27 as altcoins appear to be gaining momentum.
As most of the top DeFi and NFT protocols currently operating on Ethereum network, the upsurge in the network activity has resulted in the price gain of Ether even faster than BTC in a very short time.
As the DeFi-related activity rising again along with excitement building for Ethereum 2.0 and the full migration to proof-of-stake (PoS) consensus mechanism, Ether price appears to be well-positioned for further upside.