Ethereum (ETH) Breaks All-Time High Following 7% Daily Price Increase

It has taken a little over a month for the second-largest cryptocurrency by market cap to paint a new all-time high of nearly $2,100.

Ethereum has been on a roll in the past week or so by gaining over $500 of value. This has resulted in a new all-time high reached today of over $2,080.

  • Just a little over a week ago – on March 24th – ETH dropped to a low of $1,520 during a market-wide retracement that drove all crypto assets south.
  • However, the second-largest crypto has decisively reversed the trend since then. In the following nine days, ether added about $500, which led to breaking above $2,000 earlier today as CryptoPotato reported.
  • Furthermore, the growing institutional demand towards the cryptocurrency didn’t stop with just overcoming this round-numbered milestone. Ethereum continued further north and painted a new all-time high minutes ago of over $2,080 (on Bitstamp).
ETHUSD. Source: TradingView
ETHUSD. Source: TradingView
  • Naturally, the increase in its price per coin meant that ETH’s entire market cap surged as well. As of writing these lines, the metric has exceeded $240 billion.
  • According to data from AssetDash, this places Ethereum in the top 35 assets by market cap. The last notable name that ETH surpassed on its way up was Netflix. This came after taking down Coca-Cola Company, AT&T, Nike, and more.
  • It’s worth noting that Ethereum also surged against the primary cryptocurrency – bitcoin. The ETH/BTC ticker on TradingView shows an increase to a 3-week high of about 0.035.
  • Apart from institutional adoption and high-net-worth individuals, such as Mark Cuban, purchasing ETH portions, Ethereum’s network has also enjoyed a high level of utilization.
  • Its blockchain is the underlying technology behind two of the most booming crypto fields lately – decentralized finance (DeFi) and non-fungible tokens (NFTs).
  • The upcoming release of Ethereum 2.0, which will signify the transition from the current proof of work consensus algorithm to proof of stake, attracts substantial attention as well.