Ethereum reached its new ATH at $4 375

Author: Iskander Ziyanurov

Ethereum follows the trend introduced by Bitcoin. The second-largest cryptocurrency reached its all-time high on October 21, at $4375. According to Coingecko, the Ethereum price has skyrocketed by 11% in 24 hours, while the market capitalization of Ethereum exceeded $500 billion.

If Ethereum were a company, the recent run-up would make it the 12th corporation according to the market cap (larger than VISA, Alibaba, and JP Morgan Chase).

What has driven the ETH price to a new ATH? The US SEC has recently approved three applications to launch Bitcoin ETFs, while the crypto experts ensure the community that Ethereum-based ETF funds are about to appear in the USA right after Bitcoin ones.

As of today Ethereum dominance in the crypto market is 18.8%, while the record was set in June 2017, at 31.17%.

Many institutional investors understand Ethereum as an even more promising crypto-asset than Bitcoin, as the Ethereum blockchain is the basis for the vast majority of DeFi projects, NFTs, and even CBDCs. The asset's price has jumped by 1030% within a year.

In August 2021 the blockchain underwent a life-changing step - the London hardfork had been activated as the next stage towards Ethereum 2.0. The next update phase, Shanghai, is scheduled for December 2021, and the crypto community expects to witness one more boom.

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