The Ethereum (ETH), the second largest cryptocurrency, has exceeded $1 200 for the first time in three years. The profits were largely driven by a combination of fundamental factors, including the parabolic Bitcoin rally, ETH futures predictions and the growing DeFi sector.
ETH price already exceeds $1200
The value of Ethereum reached a peak of $1,223.84 on Bitstamp, the highest since January 2018. Over the past week, the cryptocurrency grew by more than 60%, bringing the total market cap to 135 billion USD.
ETH/USD exchange rate through TradingView
At the current rate, Ethereum seems to be ready to beat another record $1 432.88. As specialists forecast, this may happen any day now or within a week.
Ethereum increases are one thing, but Bitcoin is still TOP1 on the cryptocurrency market.
With the growing popularity, the gravitational attraction of Bitcoin on the wider crypto market has intensified. The flagship has just reached a record $3 7150 and is still growing!
Over the past month, Bitcoin has grown by nearly 90% due to growing interest from institutions and reduced supply. Ethereum and other digital assets have gained momentum from Bitcoin’s leader. In fact, there is some evidence to suggest that institutional investors are watching Ethereum as Bitcoin trading becomes increasingly crowded with players with deeper pockets.