Ethereum has surpassed $2000 for the first time in its history of existence. It’s trading at $2014 after reaching its recent all-time high. Ethereum’s market capitalization has exceeded $230 billion, while an average daily trading volume surpassed $40 billion. A variety of major positive developments drives the second-largest digital asset. It includes the successful launch of ETH futures on the CME and improved institutional demand.
Moreover, the digital asset has witnessed a significant rise in recent weeks. On Jan. 4, it crossed $1,000 between a range of activities over the crypto markets. The run then surged, with ETH reaching $1,430 on Jan. 19, a record high at the time. Ethereum earlier topped at $1,420 in January 2018, although it then underwent a massive crash through an extended crypto bear market. Along with Bitcoin, the second-ranked crypto asset has been tapping new all-time highs every few days during January and February. $2,000 is a key psychological resistance barrier for ETH, comparable to BTC’s current $50,000 milestone.
Ethereum on the verge of a massive bullish trend
Furthermore, analysts from Fundstrat Global Advisors LLC advocate that ETH is on the edge of a vast bullish trend that will ultimately push the token price above $10,000. The report emphasized that the booming DeFi industry will be instrumental for ETH’s healthy growth. The majority of DeFi protocols build their projects on top of the Ethereum blockchain. Besides, the emerging NFT industry is also promoting ETH growth. The total value of transactions in the NFT sector witnessed an approximately 300% growth in 2020, and the trend will continue.
Moreover, Ethereum has been in the limelight for various projects. On Feb. 8, the CME group introduced ETH futures, the world’s largest derivatives exchange. The NFT space, which operates on top of Ethereum, has also experienced growth this year. Numerous celebrities and musicians have stacked into the craze, including Mark Cuban, Logan Paul, and Soulja Boy. This week, iconic auction house Christie’s published its plans to list an NFT by Beeple. Conclusively, the cryptocurrency market is on fire, as Bitcoin and Ethereum both hit a new milestone.
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