On March 31, Ethereum reached a peak of $1,945 after rising for three consecutive days from the $1,544 level; here are the possible causes why ETH has been surging
For three consecutive days, since Monday Ethereum has demonstrated green daily candles that rise from 1.544 to 1.945 dollars and are added to around 20%.
Several events have led ETH, more than a month ago, to surpass its recent all-time high of $2,036.
Ethereum is now used by Visa to pay USDC.
The media reports were released with sensational news on 29 March: global payment giant Visa began to use USD-based stablecoin USDC and settle transactions on the Ethereum network.
This pushed both Bitcoin and Ether up approximately 5 percent each. USD Coin (USDC) is the second biggest dollar-based stablecoin with a $11 billion market cap.
Besides, such crypto-related companies as BlockFi, Bitpanda and Fold offer their users Visa cards with Bitcoin cashback.
Institutional investors are still purchasing ETH
The large Chinese technology company Meitu earlier in March reported that the two main crypt assets, Bitcoin and Ethereum, had allocated approx. $ 40,000,000.
On 25 March the news spanned the Beacon Chain launched on 1 December last year and was sent by the DLT Infrastructure Company & Acet Manager, Staked, which allowed financial institutes to make profit from ETH by staking in an ETH 2.0 network.
The Staked ETH Trust accepts cryptographs from accredited investors, with 8% returns on ETH 2.0.
Moreover, Grayscale Fund, the biggest buyer of cryptocurrency, continues to add ETH to institutional investors’ stash.The Beacon chain is the first step towards Ethereum moving fully to ETH 2.0 and switching from Bitcoin and multiple altcoins to a stake proof (PoS) consensus model.
Now locked into ETH 2.0 contract $6,911,649,697 in ETH
In the meantime, the total ETH value locked in the Beacon Chain deposit contract continues to increase. Today, 1 April, according to Glassnode, it is still another all-time high. It now amounts to a huge Ether value of 6.9 billion dollars.
