Bitcoin might have dominated the headline with its record making high of $56,425 and becoming an asset with a market cap of over $1 trillion, but Ethereum is steady making its own progress quietly. The second largest crypto asset by market cap has been able to cross the $2,000 mark to set a new all-time high of $2,031.21 and its own market cap has also now increased by over 6% which equates to over $230 billion according to data obtained from Coinmarketcap.
This record high progress was achieved in the last 24 hours where attention of most crypto enthusiasts have been directed to the more popular crypto asset, Bitcoin. Regardless of this, Ethereum has enjoyed considerable patronage and development as its year-to-date analysis shows that it has increased by 172.5%, while that of BTC pales significantly less to it as it is around less than 100%.
Ethereum’s rise is being fueled by the new institutional demand for its asset, which is being led by CME Global, then the ongoing staking on Eth 2.0 and the booming sector of decentralized finance (DeFi). These three events have helped increase the demand, the popularity and the use cases for the digital coin.
Michaël van de Poppe, a leading crypto analyst has predicted a bull run of the asset to $2,200 when the largest altcoin breaks through the $2000 mark. Other analysts have also predicted that the asset would continue its ascent especially as it is able to leverage on the crypto industry bull run and its own growing importance and popularity in the industry.