After bitcoin reached its all-time high (ATH) on Wednesday, the second-largest crypto asset in terms of market capitalization, ethereum, is nearing its own ATH. The last time the crypto asset hit an ATH was five months ago, on May 12.
Ethereum Climbs 46% in 30 Days, Commands Half Trillion Market Cap
The digital currency ethereum (ETH) came awfully close to surpassing its all-time high this week, reaching $4,379 per unit on the exchange Deribit. That’s just 0.1141% of the ATH ethereum mined five months ago ($ 4,384) on May 12, 2021.
Ethereum’s market movements have been slower over the last week, taking a backseat to bitcoin (BTC) after the first U.S.-based bitcoin exchange-traded fund (ETF) was launched. Three days after listing, Ethereum and many other crypto assets started to accelerate in terms of market performance.
Seven-day statistics show ethereum is up 21.0% this week and during the last month, ether has risen 46.5%. Since the start of the year, Ether has gained more than BTC, increasing 1,084.4% in the past 12 months. ETH today has a market cap of $ 513.6 billion and hovers at half a market cap of $ 1,000 billion. Additionally, ether is much more valuable than it was during the bull run in 2017, as it has increased 8,985% since the high in December that year.
ETH Dominance Rises In Last 2 Days, Ethereum Blockchain Remains King Of The Challenge
When it comes to dominance, BTC currently owns 44.5% of the overall market cap of $ 2.79 trillion. Ether has 18.3% and its dominance has increased a great deal during the last 48 hours. At the time of writing, Ethereum’s network hashrate is 717 terahash per second (TH / s), which is equivalent to 0.717 petahash per second (PH / s). Ethereum proponents that stake ETH with a validator get around 4.89% annualized staking yield.
The most traded pair with ethereum today is tether (USDT) with 43.85% of all ether trades on Thursday. This is followed by USD (19.46%), BTC (12.11%), BUSD (7.38%), EUR (4.14%), KRW (2.68%), and JPY (1.74%). Major exchanges trading the most ether today include Binance, Coinbase, FTX, Huobi Pro, Bitforex, and Huobi Japan.
Furthermore, there is $240 billion total value locked in decentralized finance (defi) today and the Ethereum network commands $165.25 billion of that aggregate total. That’s 45.45% of all TVL in challenge today, which is lower than the 69% dominance in ETH challenge just a few weeks ago.
Today there’s $86.25 billion in stablecoins on Ethereum, alongside 284,009 BTC, or $18.4 billion using today’s BTC exchange rates. Charts measuring bridges to Ethereum indicate that there is $ 15.29 billion in inter-chain bridge funds held.
