Ethereum Breaks Above $700 First Time Since May 2018

Ethereum has surged above the $700 level, catching up with Bitcoin’s stellar rally.

Ethereum, the largest altcoin by market capitalization, surpassed the $700 level for the first time  since May 21, 2018 at 16:01 UTC on the Bitstamp exchange.

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Bitcoin’s dominance has given up recent gains

The leading altcoin is now up over seven percent against Bitcoin over the past 24 hours following a 31 percent downtrend over the past two weeks.

As a result, Bitcoin’s market share has dipped over two percent from its 14-month peak of 72.2 percent that was reached earlier today.

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The Ethereum rally has spilled over the rest of the market, with major altcoins such as Bitcoin Cash and Chainlink recording double-digit upticks.

Ethereum is far from its all-time high

While the cryptocurrency community is already used to Bitcoin routinely registering new lifetime highs almost on a daily basis, Ethereum is still nowhere near reaching its early 2018 bubble peak of $1,419.

The second-largest cryptocurrency would have to more than double in order to make history. However, 88 percent of all addresses are already in the money, according to data provided by IntoTheBlock.

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Its proponent believe that the launch of a Ethereum-based futures contract by CME Group in February 2021 could be a major catalyst for the market next year.

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