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Ether Hits $1,800 for First Time as Market Cap Passes $200B
Ether has more than doubled in value this year, outperforming bitcoin.
Updated Sep 14, 2021, 12:08 p.m. Published Feb 9, 2021, 12:10 p.m.
Ethereum's ether cryptocurrency rallied to new lifetime highs early on Tuesday amid a continued drying up of sell-side liquidity in the market.
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The second-largest cryptocurrency registered a record high of $1,824.59 during European trading hours, surpassing the previous peak price of $1,761.35 hit on Feb. 5, according to CoinDesk 20 data.
The cryptocurrency is now trading lower at $1,764, representing a 5.5% gain on a 24-hour basis. Ether has more than doubled in value this year, outperforming bitcoin's 58% rise.
The latest gains could be attributed to expectations that Chicago Mercantile Exchange's (CME) regulated ether futures would boost institutional participation. The CME futures contracts went live on Monday.
The bullish sentiment may have received a boost from the recent GameStop saga and turmoil in legacy markets underscoring what some say is a need for more democratization of finance. Ethereum's blockchain dominates the decentralized finance (DeFi) space.
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Aside from the above factors, the cryptocurrency may have benefitted from low liquidity on exchanges. The number of coins held in exchange addresses fell to a 16-month low of 15,243,945 on Monday, according to data source Glassnode.
The exchange balance has been sliding since August, likely due to investors taking direct custody of their coins or moving them to DeFi protocols. The number has declined by 8% over the past 4.5 weeks alone.
Also read: Ethereum Futures Are Now Trading on CME
With prices at current levels, ether's market capitalization is now over $200 billion.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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