It is good news as of late for the world’s second-largest cryptocurrency by market capitalization, as ETH’s price just skyrocketed to finish the month off in a strong and convincing fashion. As of the time of this writing, the price currently sits at $2,836, which is a 2.6% increase within the past 24 hours. The current overall market cap for Ethereum is $328,349,395,923.
This is the very first time that ETH has managed to break out to such a great extent, and it thus marks the newest all-time high amount reached by Ethereum. Furthermore, since 2021 began, Ethereum has managed to increase by 189%, and a whopping 1,200% increase has been experienced as compared to the previous year.
Multiple causes for ETH’s success
Of course, Ethereum’s recent success can be attributed to a number of varying factors. These include but are not limited to the likes of the continuous and steady progress being made towards a more reliable, efficient, and faster Ethereum 2.0 blockchain, and also the ever-increasing optimism surrounding the network update scheduled to take place later in July. This update will hopefully be able to assist in increasing the price even further while simultaneously decreasing gas and transaction fees.
However, it should also be mentioned that there is the pre-existing bullish sentiment that is still prevalent across various financial markets right now. For instance, confidence from investors regarding U.S stocks had increased, and the crypto markets are displaying renewed strength despite experiencing a dull mid-April.
Binance Coin (BNB) is currently ranked the 3rd highest cryptocurrency in the world, right behind Ethereum, and had experienced an 87% increase within the previous month alone in order to reach its current price of $635. In related news, DOGE had also managed to quadruple in price recently.
Altcoins succeeding while BTC struggles
In an unusual situation, the world’s largest cryptocurrency, Bitcoin, is struggling to regain its previous all-time high position. As of the time of this writing, the price is just about $58,270, which is a 7.4% increase since yesterday but a far cry from its highest price, which had gone over $60,000 just a couple of weeks ago.
This just goes to show that the cryptocurrency industry and market are extremely volatile and unpredictable in nature. It is also becoming more diversified and thus relatively less dependent on Bitcoin, as had been proven with DOGE’s recent success. Bitcoin’s extremely high price comparative to the rest of the cryptocurrencies available has also led many investors to actively consider other more affordable options as of late too, such as ETH, BNB, and ADA.