The coin broke this level in the early hours of Monday to mark the first time ever in the history of Ethereum the alt would break above that level. The coin is more than 400 percent up since the start of the year.
At the time of writing this report, the coin trades at $4,081 as its market cap now sits at over $463 billion, according to data from CoinGecko.
The number one altcoin broke above $2,000 on Saturday, Feburary 20 few days after it broke its previous all-time high price of January 2018. It surpassed its latest milestone of $3,000 on Monday, May 3rd and now broken above $4,000.
This undoubtedly, marks as a significant performance for the coin considering the fact that ETH was below $800 at the start of 2021, the asset has only intensified its gains in the following days.
ETH has now eclipsed the market cap of consumer staples giants Wal-Mart and Johnson and Johnson, and is knocking at the door of JPMorgan Chase — the largest American bank by assets under management.
Part of the rise may be linked to increasing institutional interest in the asset. This week, a Coinshares report said that institutions bought over $30 million in ETH at the end of April. Money managers are thought to now own $13.9 billion in ETH or ETH vehicles.
There has also been significant strides in adoption. Last week the European Investment Bank announced that they would be issuing a $120 million bond on the world’s largest layer-1 in collaboration with major banking entities such as Goldman Sachs.
Additionally, the growth of decentralized finance — one of Ethereum’s key communities and use cases — continues at a remarkable clip.
However, the most bullish catalysts on the horizon are a pair of major infrastructure upgrades to the network: EIP-1559 and ETH 2.0. EIP-1559, now scheduled to be included in the “London” hard fork, will include an overhaul of the ETH fee structure and is expected to decrease gas costs significantly while also potentially making ETH a more deflationary asset.
With a market cap of around $460 billion, Ethereum still plays second fiddle to Bitcoin. However, it’s possible that this may change.
This post was last modified on May 10, 2021 6:12 am
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