Ethereum hits ATH $4165
Ethereum has broken the $4,000 mark, hitting a new all-time high.
The second largest cryptocurrency has continued its strong growth trend that began last week. Only last Monday, the value of ETH on the Binance exchange rose to $3000, and already this Monday it managed to reach a record high of $4165.05 per token.
The asset's market capitalization also skyrocketed to $475 billion, according to CoinMarketCap. Last week, Ethereum surpassed Bank of America, the 28th largest asset worldwide, and today it leaves Johnson Johnson and Walmart corporations behind. Now ETH is close to the capitalization of JPMorgan Chase.
Cryptocurrency experts believe that institutional interest in the token is one of the reasons for this growth. According to Coinshares, at the end of April, large financial companies purchased ETH for more than $30 million. Big managers now own about $14 billion in Ethereum equivalent.
In addition, rapid network updates in the form of infrastructure improvements to EIP-1559 and the global transition to Ethereum 2.0 were catalysts for growth. The latter will entail a significant reduction in fees and transfer the blockchain to a new Proof-of-Stake consensus algorithm.
Positive news for ETH includes the recent launch of four Ethereum ETFs in Canada, whose trading volume exceeded 138 million in its first week, and the overall growth of the DeFi industry, whose smart contracts are fully powered by the Ethereum blockchain.
The asset is currently trading at $4,115 on the Binance crypto exchange and is not going to stop!