The world’s second-largest cryptocurrency by market capitalization, Ethereum, hit an all-time high of $4,744, according to TradingView. Ethereum is now trading above its previous ATH, which was $4,632 on May 12. The asset has made a whopping 540% since the beginning of the year, even outperforming bitcoin, which has seen a gain of 125% in the same period. Ethereum has followed the lead of the leading cryptocurrency bitcoin as it also reached new heights.
Ethereum’s market capitalization is now $560 billion.
Ethereum’s market capitalization is now $560 billion, which is larger than that of Wall Street bank JPMorgan Chase, but below Chinese tech giant Tencent which has $576 billion. To put this into perspective, just 11 months ago, in December 2020, this was the same as the entire crypto market cap. That total has also just hit an all-time high of $3 trillion, according to CoinGecko. This Etherum rally brings the aggregate crypto market to nearly one-quarter the size of the entire gold market cap, which stands at $11.5 trillion according to CompaniesMarketCap.
Ethereum’s hash rate has also hit a new peak.
Ethereum’s hash rate has also hit a new peak, according to on-chain analytics provider Glassnode. It’s the first time the Ethereum hash rate has reached 1 EH/s having surged from the previous ATH of 876 TH/s on Nov 2. Ethereum mining difficulty is also currently at its highest-ever levels. Glassnode has also reported that Ethereum continues to leave centralized exchanges. Around $6.4 billion in ETH has flowed into exchanges while $8 billion has left them, resulting in a net loss of $1.6 billion over the past week. Ethereum futures contracts open interest has even reached an all-time high of $2 billion on Bitfinex, according to Glassnode.