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Ether Sets New All-Time High of More Than $3.8K
The new high water mark of $3,855.40 came less than a week after the cryptocurrency topped $3,000 for the first time.
Ether (ETH), the native cryptocurrency of the Ethereum blockchain, continued its recent torrid run, setting a new record price Saturday of over $3,800. This comes amid speculation the network’s value might soar as more traders warm to the potential of decentralized finance (DeFi) and non-fungible tokens (NFT) on Ethereum.
STORY CONTINUES BELOW
- The new all-time high price of $3,855.40 came less than a week after the cryptocurrency topped $3,000 for the first time. Ether has since given back some of its gains and is now at $3,839.98, up 8.96% over the last 24 hours.
- The price of the second-largest cryptocurrency by market cap has quadrupled just this year alone, outperforming bitcoin (BTC), the largest cryptocurrency, which has doubled.
- Ether now has market capitalization of $443.8 billion, exceeding that of Johnson & Johnson, Walmart and UnitedHealth.
- Should ether continue on its upward trend, it won't be long before its market cap is half that of bitcoin's $1.107 trillion.
- The latest price move comes amid signs of growing interest in ether from big institutional investors and Wall Street firms.
- Late last month, the Wall Street investment research firm FundStrat predicted ether could surge to $10,000 this year, powered by enthusiasm over DeFi’s growth and advances in Internet-based financial applications.
- As for bitcoin, the price of the leading cryptocurrency is nearing $60,000 again, up 2.73% to $59.207.09 at press time.
Kevin Reynolds
Kevin Reynolds is editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
