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Ethereum has hit a new ATH. Ethereum price is now up over 1400% in the past year.
Ethereum (ETH) market price was up nearly 8% today and hit its all-time new high around $2,593.00. As a result, Ethereum’s total market capitalization jumped to around $298.1 billion, with its 24% traded volume on average at around $55.75 billion.
The second most valuable digital asset by market capitalization and also DeFi leading ecosystem saw its volatility spike during the day. According to market data provided by CoinGecko, Ethereum was trading around $2,566.83, up approximately 7.8% in the past 24-hours. Ethereum price is now up over 1400% in the past year.
Most other cryptocurrencies have recovered from last weekend’s pullback that most of them down over 10%. Bitcoin’s (BTC) market price was trading around $54,978.00, down approximately 1% in the past 24-hours. On the other hand, Binance native coin BNB, which is the third by market capitalization, was trading around $570, down approximately 2% in the past 24-hours.
The total crypto market capitalization was around $2.12 trillion, slightly below Apple Inc (NASDAQ: AAPL) $2.24 trillion according to MarketWatch. Worth noting, the current Gold’s market capitalization is around $11.31 trillion, having been a multiple of the current gold price around $1,784 per ounce with the gold above the ground globally according to Coinmarketcap.
Factors that Affected Ethereum (ETH) Price Spike
Ethereum price is responding to both fundamental aspects and speculative aspects of the market. Notably, several fundamental aspects have enabled the asset scale over ten times in the past year.
Besides being the highest Decentraland finance ecosystem, the Ethereum blockchain has been dubbed as a future technology that will significantly disrupt the global economy in the next decade.
In a bid to stay on top of the market amid emerging competition from the likes of EOS, Tron Foundation, and Binance Smart Chain, Ethereum is set to launch the beacon chain. As a result, the blockchain will carry more transactions per second and also offer affordable transaction costs. Notably, Eth 2.0 will entail the rollout of the beacon chain that is to be launched in phases, whereby Phase 0 was launched at the end of last year.
The other fundamental that affects the Ethereum market price is the fact that institutional investors can now access the asset through the recently launched futures contract by the Chicago Mercantile Exchange (CME).
As for the speculative aspect, retail traders have used digital assets as speculative assets besides other use cases. The vast volume and liquidity from the retail investors both decentralized and centralized exchanges continues to drive the Ethereum market price higher.