A day after slipping below $4000 during a market-wide rally, the world’s second-largest cryptocurrency Ethereum (ETH) has bounced back strongly today to hit a new all-time high of $4300. At press time, ETH is trading 10.59% up at a price of $4300 with a market cap of $500 billion.
On its journey, Ethereum has smashed past some new records today. As per data by Infinite Marketcap, Ethereum (ETH) has now outgrown some of the biggest global conglomerates like Samsung and JPMorgan Chase. Interestingly. Ethereum has also outgrown financial giant VISA by a hairline margin which has $496 billion valuations as of date.
The mega bull run in Ethereum (ETH) has helped the cryptocurrency outgrow some of the biggest financial and tech companies in recent times. At these valuations, Ethereum (ETH) becomes the 16th most valuable asset class in the world.
Many analysts are expecting that Ethereum (ETH) would continue its price rally further this year. some even predicted that ETH will touch the $10,000 milestone by the end of 2021. This will make it the second cryptocurrency, after Bitcoin (BTC), to grab a spot in the top-ten global assets by size.
Ethereum On-chain Fundamentals Showing Strength
While the ETH price continues to rally over the last two weeks, its on-chain fundamentals metrics have improved simultaneously. As CoinGape reported, Some of the Ethereum network metrics like total transaction rate, smart contract calls, Uniswap transactions, etc. have shown positive developments.
As on-chain data provider Santiment reports, Ethereum (ETH) whale transactions have been at an all-time high over the last week.
🐳 #Ethereum top stakeholders have been historically active over the past week, with one 4-hour window on May 5 seeing over 6,300 $100k+ $ETH transactions. This explosion in activity beginning on May 3rd had much to do with the inevitable rise to $4,200. https://t.co/TARyzUwFc3 pic.twitter.com/d349y7Bvko
— Santiment (@santimentfeed) May 11, 2021
Ethereum (ETH) continues to outperform the world’s largest crypto Bitcoin (BTC) by gaining more strength every single day. At its current price, ETH gains in 2021 so far stand at a massive 500% while that Bitcoin is 100%. Thus ETH clearly outclasses BTC performance by a margin of 5:1 in percentage returns.
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