The price of cryptocurrency Ethereum has risen above $3,400 U.S. for the first time since May, as the layer two scaling solution known as “Arbitrum One” that allows users to transact with lower fees launches to the public.
The world’s second-largest cryptocurrency is currently trading at $3,412 U.S., up more than 2% since the start of this week. Meanwhile, Bitcoin is trading at $46,996 U.S., down about 2% during the same period.
As Ether tops $3,400 U.S. it shows little resistance in its path toward a new all-time high. In May of this year, Ethereum peaked at $4,372 U.S. per coin.
While Ethereum continues to strengthen, Bitcoin has been largely trading sideways in recent days. However, many analysts still forecast that the largest cryptocurrency will retest its all-time high of $64,000 U.S. per coin by the end of this year.
