Ethereum price tops $1,169 and pulls back

On Monday, January 4, prices of the second-largest cryptocurrency by market capitalization rose above $1,169 per coin (on Bitstamp).

Data: TradingView.

From the January 2018 all-time high of $1,448, the price was within less than 20% of it.

Well-known trader Alex Krüger noted that Ethereum retraced three months of losses against Bitcoin in a single day.

Ethereum undid a three month slide against bitcoin … in one day. pic.twitter.com/3HROibA0s7

— Alex Krüger (@krugermacro) January 4, 2021

On publication, Ethereum price retreated to around $950, though the cryptocurrency’s market capitalization stood above $100 billion (per CoinGecko).

$ETH‘s market cap is now $100 billion.

— Anthony Sassano | sassal.eth 🏴 (@sassal0x) January 3, 2021

The rise in prices pushed the network’s average fee to roughly $20.

Data: Blockchair.

This sparked a wave of jokes among users.

I heard he can afford to send txs on etherium pic.twitter.com/iTYRMElaF3

— icebergy ❄️ (@icebergy_) January 3, 2021

The caption beneath the tweet’s image reads: “I heard he can afford to send transactions on Ethereum.”

The CTO of Tether and Bitfinex, Paolo Ardoino, also commented on the fluctuations in gas costs in the network.

Live footage of #ethereum gas price (>400 wei) pic.twitter.com/OMwkJgQNOQ

— Paolo Ardoino (@paoloardoino) January 3, 2021

As Messari forecast in 2021, demand for Ethereum from institutional investors is expected to rise.

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