The second prominent currency by adoption and market capitalization, Ethereum, slices through the $800 level for the first time since May 5th, 2018. Its market capitalization currently tunes to over $93 billion at the time of this publication. Its aggregate market capitalization surpassed the valuation of giants like Uber, Goldman Sachs, Booking.com, and many more.
Ethereum gained increased momentum with the current explosiveness in the crypto landscape. Besides, December 2020 was a crucial month for Ethereum as the Ethereum Beacon Chain accelerated to resolve scalability issues to drive adoption for the Ethereum Network. The network also witnessed over 1 million locking in the contract address to kickstart the Beacon Chain.
Will Ethereum surpass the previous highs of 2018?
The massive surge on the Ethereum Network is due to the exploding DeFi rally. The Ethereum Network has led to the inception of the decentralized financial industry, promoting developers to deploy Dapps on the Ethereum Network. Therefore, it has created a financial revolution in a permissionless and trustless manner by offering sleek and intuitive financial products to the crypto space. The year 2020 witnessed DeFi protocols having $15 billion in total value locked in value. DeFi players such as Uniswap, MakerDAO, Tether, Compound, and others contributed massively to the ongoing surge. The enthusiasm seems to surge with building innovative decentralized protocols and applications.
The price of the Ethereum aggregates to $810 at the time of this publication. However, the Ethereum Network has witnessed a record level of $1,1432 as of January 13th,2018. With the ongoing rally, there are huge possibilities for Ethereum to surpass its previous resistance levels by reinforcing itself as the second most prominent currency globally. The Ethereum network has undergone cascading lows such as $80. However, currently, Ethereum is still 44% low with respect to its previous heights. The untamable Ethereum rally is presently being eclipsed due to the slashing Bitcoin momentum. Bitcoin surpassed $34,000, therefore inching closer to $35,000 to reinforce its dominance level as the prominent digital virtual currency globally.
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