The second-largest cryptocurrency by market capitalization has surged by 9.6% over the past 24 hours. The asset’s price has broken through the $2800 level, reaching values last seen in early August.
The chart below illustrates that the upward movement was supported by a spike in trading volumes:
The ETH/BTC rate has increased by 8.5% over the last 24 hours. The market capitalization of DeFi segment coins has risen by 6.7%; a comparable growth was observed in the RWA sector.
At the time of writing, the total market value of Ethereum stands at ~$341 billion. The asset is trading at around $2820.
Previously, the ratio of Ethereum’s market capitalization to that of Bitcoin fell to its lowest level since April 2021.