Ethereum, the second-largest cryptocurrency by market cap, has rallied to break past its previous all time high of $1,346 on Coinmarket cap, set in January of 2018. The coin has now crossed over the $1,400 mark and again looks to have ridden Bitcoin’s wave, but then continued to move on its own accord.
Driven by the Ethereum 2.0 launch and upcoming CME futures launch in February, the coin has seen steady growth since the market collapse in March of last year that was brought about from the Covid-19 pandemic.
Ethereum has climbed from $106 in March 2020 to sit now more than 13-times that at $1,400 in less than 12 months. Crypto pundits have been calling for Ether to break out and follow BTC’s parabolic move.
The coin is up 14 percent for the last 24 hours, and a massive 30 percent in the last week. This rise to a new all time high could also give credence to a budding altcoin season — which has been seen before when Bitcoin has cooled off.
Ethereum has a lot of budding potential with the move towards Ethereum 2.0 suggesting an improvement in the use of the blockchain while there is added potential for trading Ethereum as more investors look for alternatives in the crypto space to Bitcoin.