Ethereum (ETH) Inches Closer to New All-Time High of $3200, Topples Bank of America and Disney
The world’s second-largest cryptocurrency Ethereum (ETH) is smashing past new records every single day. Today, the ETH price has surged to a record high moving closer to $3200 levels. At press time, ETH is trading at an all-time high of $3187 with a market cap of $367 billion.
Ethereum has been on an unstoppable journey over the last year. One a one-year chart, ETH gone all the way from around $200 to $3200 as of date. Meaning, Ethereum (ETH) has registered 1300% over the last year outclassing giants like Bitcoin (BTC) in overall returns.
Since the beginning of 2021, ETH price has multiplied 4x giving a massive 300% returns so far. While Bitcoin (BTC) on the other hand surged 100% in the same period. It is clear that Ethereum (ETH0 has outperformed its biggest rival consistently over the last year.
With this current rally, Ethereum (ETH) has also outgrown some of the biggest corporates and traditional financial institutions. Last week, Ethereum toppled payments giant PayPal in market size. With today’s rally its has moved above giants like Disney and Wall Street banks like Bank of America.
With a market cap over $365 billion, Ethereum (ETH) is currently the 27th most valuable asset in this world. Interestingly, with the ETH price crossing $3000 today, Ethereum co-founder Vitalik Buterin has also become the youngest crypto billionaire in history.
As per the data on Etherscan, the Ethereum address that officially belongs to Vitalik Buterin holds more than 333,500 Bitcoins. Thus, at the current ETH price, the valuations of ETH holdings bu Vitalik Buterin has moved past $1.058 billion.
Below are some of the fundamental developments that have contributed in the recent ETH price rally.
- The total number of active ETH addresses has recently surged past an all-time high.
- In April 2021, the Ethereum blockchain network recorded 41.7 million transactions.
- The ETH gas fee has dropped under $10 recently last week hitting its 3-month low.
- The number of Ethereum (ETH) staked in the ETH 2.0 Deposit Contracts has reached an all-time high above $4 million with its holding value above $12 billion.
- The interest in CME Ether Futures has skyrocketed nearly 6x over the last two months since its launch in mid-February 2021.
- The Ethereum-based decentralized exchanges (DEXs) recorded $14.5 billion in trading volumes last month. The total value locked in Ethereum-based DeFi has moved past $78 billion.
All in all, ETH is having a phenomenal journey in terms of blockchain development and price rise. Analysts expect the ETH price to surge to $10K by this year-end.