Ethereum (ETH) Up by 70% in 2021 as Market Cap Hits All-Time High

News / 08.01.2021

Bitcoin (BTC) has taken most of the shine in recent weeks due to its remarkable, bullish run. However, leading altcoin Ethereum is not far behind and has actually outperformed Bitcoin in 2021.

Ethereum (ETH) Price Up 70% in 2021

Ethereum has enjoyed a massive rally since the beginning of the year. Entering the year valued at around $718, the leading altcoin has gained an average of 10% in value in the past eight days. In the past 48 hours, ETH has taken a massive step surging past the $1000 mark and leading to increasing speculations. Ether is inching closer to its all-time high of $1,432 recorded in January 2018 during the last bullish run.

This has been largely buoyed by institutional adoption from traditional investors. Several large crypto hedge funds like Grayscale and MicroStrategy have begun to turn their sights to the altcoin.

Ethereum has also begun to gain attention from mainstream users with several internet searches made on the altcoin. Just yesterday, it was revealed that the number of Ethereum searches on Google had it an all-time high.

This suggests increasing interest in the smart contract network. At the time of publication, ETH has undergone a slight correction and is valued at $1,198.

Ethereum Market Cap Hits All-Time High

Amid the immense bullish run of Ethereum, one metric that has also risen is its market capitalization. The market capitalization of Ether reached a new all-time high yesterday.

According to data from CoinMarketCap, the capitalization of ETH surged to $149.77 billion, its highest levels ever. The last time the metric approached this level was during the last major bullish run in January 2018. The milestone coincided with the major market rally and resulted in ETH hitting its all-time high price.

It should be noted that yesterday’s increase also coincided with a major milestone for ETH. The altcoin’s total market cap also exceeded $1 billion for the first time in its history.

Several top analysts have begun predicting what price the leading altcoin could achieve in 2021. Crypto exchange Deribit exchange recently suggested that the price of ETH could hit $10,000 before the year ends. It is still too early to speculate, but all the signs point in the right direction.

Olowoporoku Adeniyi is a blockchain enthusiast and crypto evangelist. Currently he loves all things crypto and covers happenings within the blockchain space.