The second-largest cryptocurrency asset by market cap has smashed its earlier all-time price high, nearing $2041 set on February 19,2021. ETH hit a record price high of around $2,081 today, according to TradingView data. Moreover, ETH trades near $2,067 at the time of publication. Ethereum has had an enormous year. This year, it has grown approximately 170%, first exceeding $2,000 briefly on an intraday basis in February.
Furthermore, CoinMarketCap listed Ethereum as the second-largest asset by market cap recently. Maintaining a market cap near $239 billion at the time of this publication , ETH settles conveniently in second place above BNB (Binance Coin). However, it is far away from Bitcoin’s $1.1 trillion total valuations. Ethereum has witnessed a considerable amount of headlines across the past several months. ETH has performed an essential role in the craze for NFTs. Maximum of them function on the ETH blockchain.
Various Factors contribute towards surge in price of ETH.
Ethereum Network also backs various DeFi applications like the increasingly successful decentralized exchange Uniswap, which presently manages billions of dollars in volume daily. There are multiple factors behind the surge in the price of Ethereum. This week, various high-profile individuals openly supported the Ethereum blockchain. Billionaire investor and the Dallas Mavericks professional basketball team owner, Mark Cuban, elucidated on a current podcast episode that he’s bullish on cryptocurrencies, including Bitcoin. He further continued that he believes Ethereum is the nearest thing to an actual currency.
Moreover, there’s also hype around future upgrades to the ETH network, and the most significant is Ethereum 2.0. It aims to scale the Ethereum network and completely transition its blockchain over to a PoS (proof-of-stake) algorithm in the upcoming months. The second-largest cryptocurrency has also observed a strengthened interest from conventional payment processors. Recently, Visa declared it would be resolving transactions for USD Coin employing Ethereum. The U.S. first federally chartered digital asset bank, Anchorage, will assist the pilot program launched with Crypto.com.
