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Ethereum Price Hits ATH Close to $1700 Fueled by Institutional Investor Stack Up

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by Benjamin Godfrey · 3 min read
Ethereum Price Hits ATH Close to $1700 Fueled by Institutional Investor Stack Up
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Although the price of Ethereum is slightly down from its all-time high at the time of writing, it is a long way up from its lowest price point of $0.4209 attained back in October 2015.

Ethereum (ETH), the second-largest cryptocurrency by market capitalization has soared to a new all-time high (ATH) of $1,689.19 according to CoinMarketCap. The impressive feat has pumped the market capitalization of Ethereum to $191,305,111,850.59, an 8.19% increase over the past 24 hours.

Ethereum’s new gains have sparked a lot of commentary in the crypto space with many tipping the cryptocurrency to discover even a bigger price territory before the year-end. The claims are justifiable seeing the growth of Ethereum thus far this year. The coin has grown by about 126% Year to Date as noted by Investment Strategist, Raoul Paul.

Although the price of Ethereum is down 1.11% from its all-time high at the time of writing, it is a long way up from its lowest price point of $0.4209 attained back in October 2015. The new pump in Ethereum might have been sparked by the addition of about 24,800 ether to the Grayscale’s Ethereum Trust according to data from analytics firm, Skew.

Most retail investors also may not want to lose out as the big firms bag more of the coin amid the skyrocketing price of Bitcoin (BTC), thus, joining the bandwagon to stock up on the coin.

Ethereum New ATH Drove Other DeFi Tokens Higher

The rise in the price of Ethereum to hit the new all-time high price has served as a springboard for most decentralized finance (DeFi) tokens to test new all-time high levels. DeFi tokens like Aave, SushiSwap (SUSHI), Yearn.Finance (YFI), Chainlink (LINK), as well as other competing blockchain networks such as Solana (SOL) and Polkadot (DOT) amongst others have also soared with a corresponding move.

Aave has risen by more than 36% to $420, SushiSwap by 8.35% to $15.15, YFI grew 0.60% to $33,308.35, Polkadot has soared to $21.37, a 22.94% increase while Solana is up 13.7% over the past 24 hours. Chainlink has also added 2.93% to $24.77 at the time of writing.

“Ether made a significant push [since Tuesday] and that is causing projects linked to the DeFi space – as well as DOT, which is seen as a potential ‘Ethereum killer’ – to appreciate and aim for new all-time highs,” said Hunain Naseer, senior content editor at crypto exchange OKEX’s research unit, OKEx Insights. “This is evident from the 24-hour gains of LINK, AAVE, SUSHI, yearn.finance (YFI) and DOT.”

With the year is still months to end, the growth of both Ethereum and the DeFi tokens might surpass the gains recorded in 2020. Should this happen, investors, particularly those that caught the trend early will be boosted to cart away with great profits by year-end.

Altcoin News, Blockchain News, Cryptocurrency news, Ethereum News, News
Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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