Move over, Bitcoin! Ether is on an unstoppable winning streak, as the world’s second largest cryptocurrency has surged to record highs on Monday to a price of over $3,200.
This incredible rise in value comes amid more and more traders warming up to the potential of decentralized finance, known as DeFi, and other uses like non-fungible tokens, more commonly known as NFTs.
The new all-time high price of $3,201 came just hours after the market topped the $3,000 milestone for the first time.
Ether now has a market capitalization of $364 billion, exceeding that of the Bank of America, the largest US bank. It is also ahead of entertainment giant Walt Disney, and food conglomerate Nestle.
Ether has been on a rise for nine straight days, which is the longest winning streak for the cryptocurrency that is the second largest digital coin by market capitalization. This makes for its longest winning streak since the bull market of late 2017 and early 2018.
Its price has quadrupled just this year alone, outperforming market leader Bitcoin, which has doubled during this timeframe.
This latest price move comes amid signs of growing interest from big institutional investors as well as Wall Street firms. The dynamic is similar to what propelled Bitcoin to a market capitalization of over $1 trillion earlier this year.
The daily transaction count on the Ethereum network has also increased by 22% to $1.376 million this year, pre data provided by Glassnode. Applications are generating three times the fees for the Ethereum network vs Bitcoin, which trades at three times the market capitalization.
Only way is up from here!
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