On Monday, May 3, prices of the second-largest cryptocurrency rose above $3,000, setting a new price record.
At the time of writing, Ethereum is trading at $3,097 on Bitstamp. In the last 24 hours the coin rose 6%, in seven days — 34.5%, according to CoinGecko.
The cryptocurrency market’s total capitalization surpassed $2.36 trillion. Bitcoin’s dominance index stood at 46%, Ethereum at 15.2%.
Analysts suggested that institutional players are driving the current rally in cryptocurrencies.
On May 1, Fundstrat analysts forecast further upside for Ethereum to levels above $10,000 in 2021.
JPMorgan has cited the reasons for Ethereum’s outperformance relative to Bitcoin in terms of returns.
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