Ethereum climbs above $2,900

On Sunday, May 2, Ethereum hit an all-time high, breaking the $2,900 level.

According to CoinGecko, the price of the second-largest cryptocurrency rose to $2,961.56. At the time of writing, the coin was trading near $2,920.

The cryptocurrency market capitalisation stands at more than $2.29 trillion. The Bitcoin dominance index continues to decline, with Bitcoin’s share having fallen to 46.5% and Ethereum’s at 14.7%.

IntoTheBlock analysts say the rally is being driven by institutional players — over the past seven days there have been large transactions (worth more than $100,000) totalling $116 billion, while net outflows from exchanges over the period amounted to $10.45 billion.

$ETH is unstoppable

Some interesting facts
-0.26 correlation with $BTC (multi-year low on )
Record Perpetual Swaps Volume (April 23 with $77b)
100% addresses profitability
$10.45b in exchanges outflows over the past 7-days
$116b in transactions >$100k over the past 7-days pic.twitter.com/8wvRVBFTP3

— IntoTheBlock (@intotheblock) May 1, 2021

Guggenheim’s Chief Investment Officer, Scott Minerd, in интервью Bloomberg also noted growing interest from large investors in the second-largest cryptocurrency.

«I think institutional money is moving towards things like Ethereum and some of what I call more credible cryptocurrencies», — he said.

Earlier, Fundstrat analysts, in a weekly report, forecast further growth for Ethereum to levels above $10,000 in 2021.

Similarly, the well-known crypto trader and host of The Wolf Of All Streets podcast, Scott Melker, offered the same forecast. He suggested that Ethereum’s performance this year would outpace Bitcoin.

Kraken’s analysts allowed for the coin to reach the $15,000 mark. In their view, Bitcoin’s price would roughly double over the same period.

JPMorgan experts cite three key reasons why Ethereum has higher returns than the leading cryptocurrency.

Anthony Scaramucci, founder and managing partner of SkyBridge Capital, believes Ethereum has solid fundamentals and the price will continue to rise.

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