Ethereum Price Hits Record High, ETH Crosses $350 Billion Market Cap

Ethereum, the world’s second-most valuable cryptocurrency is currently on a dream run as the price of ETH jumped above $3,000 on Monday, which is its highest level on record.

According to the latest data published by Coinmarketcap, Ethereum touched an all-time high of $3,100 on 3 May. The total market cap of ETH jumped above $350 billion today after a huge rally driven by retail and institutional investors.

Ethereum is now more valuable than the Bank of America in terms of market cap. The world’s second-largest digital currency crossed the market cap of PayPal last week. As of writing, ETH is trading above $3,090 with a market cap of approximately $355 billion.

Ethereum price saw a remarkable rally in 2021 as the cryptocurrency gained nearly 300% within the last 4 months, compared to a jump of 100% in the world’s largest digital currency Bitcoin. Additionally, ETH is attracting large institutional inflows. The cryptocurrency saw inflows of nearly $34 million during the 3rd week of April 2021.

The latest surge in the price of Ethereum has accelerated ETH’s whale activity. According to the latest data published by blockchain tracking and crypto analytics firm, Whale Alert, a crypto user moved 63,500 ETH worth approximately $188 million on 3 May at 00:39 UTC to an unknown wallet. The transaction was recorded on Etherescan. Ethereum whales have started moving the digital currency from cold wallets to cryptocurrency exchanges to take advantage of the latest price surge. A crypto whale transferred 10,000 Ethereum worth nearly $30 million from a crypto wallet to digital exchange, Huobi today. ETH’s on-chain activity has increased significantly due to the latest jump in its price.

Ethereum 2.0, the network upgrade of ETH, is playing a major role in ETH’s institutional adoption. The network upgrade of the world’s second-most valuable digital currency started its journey in December 2020 with the launch of Beacon Chain. According to Etherescan, more than 4.1 million ETH worth over $12 billion has been staked under the deposit contract of ETH 2.0.

(Photo: flickr)

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