Ethereum (ETH) Tops New All-Time High Above $4100 and $475 Billion Market Cap
May 10 2021 · 09:32 UTC by Bhushan Akolkar · 3 min read
Photo: Depositphotos
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Ethereum (ETH) continues its mega rally taking its year-to-gains at above 460%. As ETH Mega bull run continues, the demand for Ether derivative products increases.
The world’s second-largest cryptocurrency Ethereum (ETH) has surged 5% further to a new all-time high above $4100. At press time, ETH is trading at a price of $4126 with a market cap of $478 billion. This makes Ethereum now the 19th most valuable asset in the world toppling giants like Walmart and Johnson & Johnson.
Ki pointed to what he called an “insane” Ethereum-Coinbase premium in a tweet.
“Selling [ETH] now seems not a good idea in the long term. Follow US institutional investors, not against them,” said the analyst.
Still an insane $ETH Coinbase premium.
Selling $ETH now seems not a good idea in the long term. Follow US institutional investors, not against them. https://t.co/mZcGk6Gvrspic.twitter.com/IX8cVP1ppY Ki Young Ju 주기영 (@ki young ju) May 8, 2021
Earlier, he said that U.S. institutional investors are buying ETH using the exchange run by
Coinbase Global Inc (NASDAQ:COIN).
Why It Matters: LikeFolio co-founder Andy Swan said Sunday that there was a flow from
Q: What s behind this $ETH parabolic move? Ki Young Ju 주기영 (@ki young ju) May 10, 2021
The demand for Ethereum (ETH) derivatives has also increased in recent months. VanEck applied for the first U.S. Ether ETF on Friday, citing increased institutional demand. Moreover, since their launch last month, Canada’s Purpose Ether ETF and the CI Galaxy Ethereum have seen significant inflows.
According to the document:
“The Trust’s investment objective is to reflect the performance of the MVIS® CryptoCompare Ethereum Benchmark Rate less the expenses of the Trust’s operations. In seeking to achieve its investment objective, the Trust will hold Ether (“ETH”) and will value its Shares daily based on the reported MVIS® CryptoCompare Ethereum Benchmark Rate.”
Altcoins like Bitcoin Diamond and Ethereum Classic seem to have come out from hibernation, with some recording weekly gains in excess of 300%.
What Happened: Leading this week’s crypto rally was Ethereum Classic (ETC), which surged 340% in seven days from $35 to $154.
Formed as a result of a contentious hard fork of the Ethereum blockchain, development and utility of the chain itself has been called into question despite Ethereum Classic being the “original Ethereum.”
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Its creators and miners moved on to the Ethereum blockchain, leaving Ethereum Classic far behind in terms of market cap.
Since July 2016, the coin traded between $2 and $33 dollars, until this week’s rally added $13 billion to its market cap making it the 13
Bitcoin has been sitting above a critical support zone during the weekend. At the time of writing, BTC trades at $56.662 with sideways movement in the daily chart. In the weekly chart, the first cryptocurrency by market cap has a 12.8% following a $10,000 rally from the higher zone in the $40,000 range.
BTC moving sideways in the daily chart. Source: BTCUSD Tradingview
The bullish sentiment appears to be making a comeback in the crypto market with many investors expecting new highs in the short term. In the meantime, BTC could consolidate at current levels with $54,000 as a critical support zone as there is a large concentration of investors that bought around these levels, as trader Byzantine General showed.