Ethereum price broke above $2,000 and hit a new record of $2,042. At press time, ETH is up to 5%, trading volume reached $ 30,243,945,229 in the last 24 hour.
ETH/USD 4-hour chart | Source: TradingView
Ethereum price skyrockets above $2,000 for the first time ever
At the time of writing, ETH/USD is changing hands at $2,000, having gained over 5%, in the past 24 hours, and over 200%, since the start of the year. Ethereum’s market capitalization has surpassed $230 billion, while an average daily trading volume exceeded $40 billion.
The second-largest digital asset is driven by a range of positive fundamental developments including the successful launch of ETH futures on the CME and increased institutional demand.
Analysts from Fundstrat Global Advisors LLC say that ETH is on the verge of a massive bullish trend that will eventually push the price of the token above $10,000.
The report pointed out that a booming DeFi industry will be instrumental for ETH’s strong growth, as the overwhelming majority of DeFi projects are built on top of Ethereum.
Apart from that, the emerging non-fungible token (NFT) industry is also fueling ETH growth. The total value of transactions in the NFT sector saw a nearly 300% growth in 2020 and the trend is set to continue.
According to the research conducted by NonFungible.com and foresight company L’Atelier BNP Paribas, the industry will become a major driver of the virtual economy in 2021.
The cryptocurrency market is on fire, as the first digital currency bitcoin (BTC) hit a new ATH above $56,000 on Feb. 19, while its market value surpassed $1 trillion for the first time in history.
Read more:
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- Glassnode: Ethereum Futures Daily Volume On CME Surged To $75.8 Million