Ethereum, the second largest cryptocurrency asset by market capitalization, has surpassed its all-time high of just under $ 2,041 on February 19, 2021.
According to TradingView data, Ethereum (ETH) hit a record price of around $ 2,081 today. ETH is trading near $ 2,067 at the time of going to press.
Since its peak in February ETH has corrected twice on its daily chart and recorded a higher low on the second correction. In the days following its high of $ 2,041, the asset fell to around $ 1,293. ETH gained around $ 1,943 on March 13, before falling back to $ 1,546 in the following days.
Since falling near $ 1,546, ETH has released four consecutive green daily candles. Today is the fifth when it closes green.
CoinMarketCap currently lists ETH as the second largest asset by market capitalization. With a market capitalization of nearly $ 239 billion, ETH is conveniently second only to Binance Coin (BNB) at the time of this report, but a far cry from its total valuation of $ 1.1 trillion Bitcoin (BTC).
Ethereum has seen a lot of forks in the past few months, commensurate with the transition to Ethereum 2.0 or Eth2 as well as its role in decentralized finance or DeFi. Eth2 is trying to scale the Ethereum network and completely switch its blockchain to a proof-of-stake algorithm in the coming months.
ETH’s price spike has also been in line with a general bull market for cryptocurrencies, with BTC trading over $ 60,000.