As per TradingView, the world’s largest altcoin by market capitalization has marked a new all-time high (ATH) at $4,760. Ethereum today breached the previous ATH at $4,632 marked on May 12. The altcoin king has surged its price by more than 600% since the start of 2021, even outperforming Bitcoin, which has seen a gain of 125% in the same period.
LilMoonLambo, the famous Twitter crypto analyst, said:
“Buying ETH at $4,600 in 2021 is like buying BTC at $4,600 in 2017.”
According to CoinMarketCap, Ethereum’s market capitalization is currently sitting around $559 billion, up by 3%. IT is greater than that of investment banking giant JPMorgan Chase. Additionally, as TheCoinRise has reported, the crypto market capitalization has hit $3 trillion for the first time in the history of the crypto world.
The daily market volume is up by more than 18% and is currently sitting at $16.7 billion. As per the CompaniesMarketCap, the crypto market now is nearly 25% of the entire gold market capitalization, which stands at $11.5 trillion.
Ethereum on-chain activity surges
As per the on-chain analysis by Glassnode, Ethereum’s hash rate has also witnessed a new peak. It is for the first time in the history of EThereum to see the hash rate of 1 EH/s after breaching the previous ATH at 876 TH/s. The mining difficulty is also at its highest point ever.
Glassnode also reports that Ethereum is still leaving centralized exchanges. Nearly ETH worth $6.4 billion has inflowed into the exchanges while $8 billion has left them, leading to a loss of $1.6 billion in the last 7 days.
The recent high transaction fees is one of the biggest reasons for slow comparative growth, as the experts say that Ethereum would have been on the moon by now.