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ETH settles over $700 after Christmas weekend

The price of Ethereum has settled over the $700 mark following the Christmas weekend, capping off a period of major growth alongside Bitcoin.

ETH is currently trading at $731 at press time according to data from Coinmarketcap, having surpassed the $700 mark for the first time since midway through 2018. The second largest cryptocurrency by market capitalization has also enjoyed a period of resurgence in 2020 – with serious gains being seen in December in particular.

The value of ETH surged from around $630 to its current trading price around $730 in the space of 24 hours – an increase of around 13%.

Market cap at $83bln

The current market cap of ETH is now sitting around $83 bln – a number which has not been seen since early 2018 as well.

The Ethereum ecosystem has had a year to remember, driven primarily by the popularity of various Decentralized Finance protocols that have been running on the Ethereum blockchain.

The continued growth in value of ETH is notable given that Ethereum is in the process of a gradual shift from a proof-of-work consensus protocol to proof-of-stake. ETH 2.0 is still in its infancy and only just saw the launch of Beacon Chain Genesis in December.

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