The cryptocurrency market cap touched an all-time high of $2.5 trillion on Monday after a significant jump in Ethereum. The price of ETH crossed $4,150 today, which is its highest level on record.
According to Coinmarketcap, the world’s second-largest cryptocurrency now has a market cap of nearly $480 billion. The latest price rally in Ethereum is driven by a massive surge in demand from retail and institutional investors.
The overall market cap of cryptocurrency assets is up by more than 200% since the start of this year. Bitcoin, the world’s most valuable digital currency gained nearly 100% in 2021. The latest surge in Ethereum, Binance Coin, Dogecoin and XRP has played a major role in the significant jump of the crypto market cap this year.
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Binance Coin (BNB), the world’s third-largest cryptocurrency, touched an all-time high of $685 billion today after a jump of more than 5% in the last 24 hours. XRP, Cardano, Polkadot and Bitcoin Cash were also up substantially in the last 24 hours.
Ethereum and Cryptocurrency Market
ETH’s crypto market dominance is gaining momentum amid the latest price surge. Ethereum now accounts for nearly 19% of the overall cryptocurrency market cap, which is a significant jump compared to just 11% in December 2020. Institutional interest in Ethereum is leading the recent price jump. According to the latest data published by crypto analytics and research platform Bloqport, Purpose Ethereum ETF has added more than 31,000 ETH in the last 20 days; Grayscale has more than 3 million Ethereum under management with a total value of over $12 billion; and Smart Contracts now hold nearly 23% of the total ETH supply amid a jump in DeFi-related products. However, the supply of the world’s second-largest cryptocurrency at leading digital exchanges is plunging. According to the latest data published by on-chain analytics firm Glassnode, cryptocurrency exchanges now hold nearly 12% of the total ETH supply, compared to 17% in September 2020.
The deposit contract of ETH 2.0 now has more than 4.4 million staked Ethereum worth over $18 billion.