On Tuesday, May 4, Ethereum reached another new record for its all-time high. ETH hit $3500 at mid-day, the highest ever for the utility coin. This led to massive liquidation for traders who were holding short positions.
According to data from Cryptoquant, the total volume of liquidations across all exchanges equaled $55 million. This is the highest volume of Ethereum liquidations ever recorded.
Since last year, Ethereum has been on the move and has constantly proved to be a valuable asset. In more recent times however, the rise in price of Ethereum has been even more impressive. In terms of percentage gains, Ethereum has outperformed Bitcoin, the world’s leading cryptocurrency in recent times.
In the blockchain space, Ethereum is utilized more often than Bitcoin given the numerous use-cases of the coin. Unlike Bitcoin which mainly serves as a store of value, Ethereum serves as a store of value as well as a foundation for many other smart contracts in the crypto space. The usefulness of ETH has made it almost indispensable in the blockchain space over the years.
The rise in price of ETH also resulted in a higher market capitalization for the crypto asset. The market cap for ETH reached $390 billion while the cumulative trading volume for the day amounted to $75 billion.
ETH Price Prediction
Experts have accredited the recent bullish movement of Ethereum to institutional acceptance of the coin. In recent times, Ethereum has attracted big names like the European Investment Bank. This growing interest from large institutions has contributed to the increase in price of Ethereum.
Sometime last week, JPMorgan as well as some other major banks advised investors to go all in on the token. Some analysts have also predicted that the price of Ethereum will topple that of Bitcoin in the years to come. In the meantime, JPMorgan sets its eyes on ETH attaining the $10000 mark. This will be a great achievement for the popular crypto asset.