By Solomon Odunayo
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.
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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.
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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.
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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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