Ethereum (ETH) Tops New All-Time High Above $4100 and $475 Billion Market Cap

Ethereum (ETH) Tops New All-Time High Above $4100 and $475 Billion Market Cap

The world’s second-largest cryptocurrency Ethereum (ETH) has surged 5% further to a new all-time high above $4100. At press time, ETH is trading at a price of $4126 with a market cap of $478 billion. This makes Ethereum now the 19th most valuable asset in the world toppling giants like Walmart and Johnson & Johnson.

At its current price, Ethereum (ETH) has registered a massive 460% return year-to-date. Just over the last week, the ETH price has gained an additional 30%. Besides, ETH has also extended its market dominance by over 19% while pushing Bitcoin’s below 44%.

The recent price rally in ETH comes amid rising institutional interest in the crypto. As CryptoQuant CEO Ki Young Ju mentions, the Coinbase Premium for Ethereum has surged along with its price. This suggests a massive buying interest from U.S. institutional investors.

Q: What’s behind this $ETH parabolic move?

A: US (institutional) investors.

— Ki Young Ju 주기영 (@ki_young_ju) May 10, 2021

The ETH price rally has been unstoppable in recent times. This comes as the altcoin market has added over $500 billion just over the last week. On the other hand, the ETH supply at the exchanges has been significantly dropping while a large number of ETH has been moving to DeFi and ETH 2.0 Deposit contracts.

The open interest for ETH futures has also surged a new all-time high above $10 billion last week. Citing data from Skew Analytics, Twitter handle Unfolded has reported about the same.

Ethereum total open interest hits $10bn for the first time.

— unfolded. (@cryptounfolded) May 7, 2021

Demand for Ether ETF Rises as Ethereum Is Setting New All-Time High

As Ethereum continues to gain more market dominance and to set new all-time high levels, the demand for Ethereum derivative products is rising. Last Friday, asset management giant VanEck applied for the first US Ether ETF to the US Securities and Exchange Commission (SEC). VanEck is already awaiting a decision on its Bitcoin ETF which is currently under review by the US SEC.

As per VanEck’s Ether ETF filing, the asset manager will hold physical ETH coins against the shares of the VanEck Ether ETF. Both retail and institutional investors will be able to buy the shares on VanEck Ether ETF. These shares will be tracking live Ether price via the MVIS CryptoCompare Ethereum Benchmark Rate.

On the other hand, the Candian market is already witnessing massive demand for Ether ETFs. Three big players – Evolve Funds, CI Galaxy Digital, and Purpose Investments – have launched their Ether ETFs on the Toronto Stock Exchange (TSX). Since its launch on April 20, the Purpose Ether ETF has accumulated nearly 32K ETH coins so far.


Ethereum (ETH) Tops New All-Time High Above $4100 and $475 Billion Market Cap

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