As Bitcoin climbs to fresh highs, Ethereum breaks above the $900 level.
The second-largest cryptocurrency by market capitalisation last traded in that vicinity in February 2018.
30-minute ETH/USD chart from TradingView.
Ethereum’s price over the past year has surged by nearly 500% (Bitcoin’s, by comparison, is 366% according to Messari). Yet ETH’s market value remains about 43% below its all-time high, reached 1,085 days ago.
Data: Messari.
Renowned trader Michaël van de Poppe said that Ethereum, as well as Polkadot, Cardano and Chainlink, would soon hit new all-time highs.
It’s time for #Ethereum, #Polkadot, #Cardano, #Chainlink and more to break all-time highs.
— Michaël van de Poppe (@CryptoMichNL) January 3, 2021
One of the main drivers of Ethereum’s ascent is the rapid development of the decentralized finance sector.
DeFi Chronicles in 2020: rapid growth, problems and barriers for institutional investors
Ethereum 2.0 could also support the ETH price, with staking involving coins valued at valued at $1.7 billion.
Earlier Messari predicted a rise in demand for Ethereum from institutional investors.
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