Wednesday, May 12, 2021

Ethereum (ETH) Hits $3,000 All-Time High for the First Time in History

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, continues to impress in terms of price, printing positive performance beyond the level that the flagship cryptocurrency, Bitcoin (BTC), has failed to attain in 2021.

In just a little over 2 months after surging past $2,000 resistance, ETH has reached another notable level on its journey to the ceiling, skyrocketing to a new price all-time high of $3,000. And with the look of things, Ethereum (ETH) is still not ready to end the bull run.

Read Also: Anthony Scaramucci: Ethereum (ETH) Would Continue To Grow Because It Has Good Fundamental

Ethereum (ETH) Journey to New Highs

ETH, the native token of the leading smart contracts platform, Ethereum, started the year at relatively $760, following a meteoric surge of late 2020. Mind you, the cryptocurrency had traded around $90 at mid-march, a significant price dip initiated by the negative effect of COVID-19.

After the pandemic negative effect vanished, there was an increase in the demand for the digital token ETH, coupled with the emergence of the cryptocurrency bull cycle, which resulted in recording a new all-time high sometime in December 2020, breaking above the peak attained in January 2018.

Read Also: Analyst Claims Ethereum (ETH) Is Poised to See Further Price Upside

Although there were price corrections along the way, Ethereum remained resilient. ETH bulls’ agility became more obvious in February 2021, following a huge surge above the $2,000 resistance level.

However, the cryptocurrency experienced price consolidation in March, which initiated speculation on whether the bull cycle is over, but ETH resumed its usual positive trend to new highs in April, recording fresh all-time highs in the process.

At the time of filing this report, Ethereum (ETH) is trading at $3,056.92, with a relatively 5% price upsurge in the last 24 hours. The leading digital token is now up relatively 350% year-to-date.

Read Also: Ethereum Is Currently the Most Popular Crypto on YouTube with over 231 Million Views

What is also worth noting is that ETH surged against the largest digital currency by market capitalization, Bitcoin (BTC), which led to recording a new 3-year record of over 0.05 for ETH/BTC trading pair.

According to CoinMarketCap, the cryptocurrency stands around $353.5 billion, with a market dominance of 15.6%. Considering the metric, Ethereum has now ascended into the league of 30 largest assets in the world, beating a number of top names, including PayPal, Platinum, Netflix, among others.

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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