Ethereum has registered a new ATH of $4,100 during the last 24 hours. This new ATH was scored after a 5% gain during the last 24 hours. Since last week the silver cryptocurrency has gained a 40% upsurge. In terms of monthly evaluation, the price of Ether has doubled up in 30 days. Strongly defending its position as the second-largest cryptocurrency in the world, ETH price has increased about 460% since the beginning of 2021.
In comparison to Ethereum 2.0, Bitcoin price appreciation seems to have slowed down as it is standing at only 105% gains with a price tag of $59,350 for the current year. The recent gains of Ethereum can be attributed to the successful integration of the London soft fork that has brought down the gas prices on the blockchain. As asset managers are moving to expand their ETH portfolio, the cryptocurrency is officially attracting the largest share of institutional investors for the current market cycle.
Ethereum all Set to Surpass the Largest Companies in the World
With its new ATH, Ethereum has been able to surpass Mastercard and Walmart. In comparison to the near $395 billion market cap of the public listed companies, Ethereum has left them far behind with a $480 billion market cap level. After overtaking international fintech companies and retail giants, Ethereum has its eyes set on Wall Street banking leviathan JP Morgan Chase that is valued at $488 billion.
Ki-Young Ju, CEO at Crypto Quant, highlighted that after the price surge of Ethereum, the premium rates on the crypto exchange giant Coinbase increased in a synchronized manner. He also remarked that it does not seem like a good idea to sell Ether with the rising premiums at present. Investing in sync with the American investors is recommended.
Altcoins are Strengthening
Flappening is a hypothetical phenomenon that points towards the possibility of Ethereum dethroning Bitcoin and taking the lead in the crypto world. In alignment with the theory, altcoiners are also noticing positive trends in the yearly, monthly, and daily evaluation. While the top gainer of altcoin DOGE has gone down to 0.5 after getting a 3000 percent rise since the beginning of the year, others are surging at a breakneck speed.
The Binance Coin (BNB) is presently valued at $673 after 4% daily gains, taking the 3rd largest position. Litecoin has jumped to a new ATH of $410 with a 16% weekly appreciation. Cardano looks strong with $1.82 nearing a new ATH. Polkadot closed at $42 after 5% gains whereas, Uniswap closed at $39.28 after a few downward corrections.