Ethereum Touches New All Time High Above $4,000

Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization has broken past $4,000 on May 10, hitting a record high for the third consecutive session. With a market capitalization of over $478 billion, the digital asset has soared almost 450% in this year alone.

ETH Records New ATH Above $4,000

Ether (ETH) has surged past $4,000 for the first time on May 10, passing the psychologically significant barrier on multiple exchanges.

With less than a week after exploding above $3,000, the digital asset has skyrocketed to $4,000, signifying more than 400% gains since the beginning of the year.

At press time, the cryptocurrency was trading 5.1% higher at $4,134, rallying 39.8% in just less than a week period. The cryptocurrency has surged almost 400% since the start of the year, with YTD returns of 441% at the time of writing.

With its consecutive gains, ETH’s market dominance has gone up for a 3-year high at nearly 19%.

Part of the rise might be linked due to increased institutional interest in the asset. For instance, by the end of April, institutions bought over $30 million in ETH while money managers own about $13.9 billion in ETH.

Ethereum Market Cap Stands at $478 Billion

A series of events contributed to Ethereum’s rally, including the issuance of EIB’s first-ever ETH bond, ETH’s increasing dominance, and the consistent price rally, and an overall increase in institutional interest, including the boost in decentralized finance or DeFi arena.

Just last week, ETH overtook Bank of America as the 28th largest asset in the world. With $478 billion as of today, ETH has now overtaken the market cap of corporate giants such as Wal-Mart, Johnson and Johnson, Mastercard, NVIDIA, PayPal, and many more and has entered the top 20 largest assets by market cap.

Meanwhile, crypto data analytics firm, Santiment has indicated that Ethereum’s MVRV-Z score, which is the ratio between market cap and realized cap, and standard deviation of market cap, was now at its highest point since January 2018, a bullish signal for the second-largest cryptocurrency in the long run. 

#Ethereum‘s #AllTimeHigh has now reached an astounding $3,955. $ETH‘s MVRV-Z score, which is the ratio between market cap and realized cap, and standard deviation of market cap, is now at its highest point since January, 2018. https://t.co/U9pglXujIh pic.twitter.com/Tm1Ho4CtM6

— Santiment (@santimentfeed) May 8, 2021