Ethereum‘s price stays on the all-time high track.
Ethereum seems to have a very good week: it has risen by 10% yesterday, which brings it to a 66% increase in the past seven days.
In over an hour, the price climbed from $1,225 to around $1,280, which is hazardously close to a new all-time high. Ethereum broke the previous record, $1,432, last January 13, 2018.
The rest of the market is performing well. The global crypto market capitalization has surpassed $1T for the first time early this week because of the success of Bitcoin that sits around $40,800 as of yesterday. The price of Bitcoin had risen by over 25% this week.
Why is this rise happening?
Many difficulties have been made about an alleged claim from an Ethereum whale for a steady position of over $1B on Bitfinex. Staying in a long position on Bitfinex means that paying off all loans formerly taken out to increase exposure to ETH, and keeping hold of the asset.
Many spectators thought that this means that the whale, whose abrupt dump may hurt the market, is intending to keep their ETH for they expect the bull run to continue.
Ethereum has joined Bitcoin in the top 100 most significant assets by market cap. It is currently in the 97th position, according to analytics platform CompaniesMarketCap.
As of last week, Ethereum trades around $1,151, up by 11%, according to CoinMarketCap. This development boosted ETH’s market capitalization to over $132B and landed it in the top 100, dominating Citigroup, Philip Morris, and Charter Communications.
Ethereum is now ranked 74th on AssetDash, but it doesn’t track the market caps of precious metals like gold and silver and big companies.
Concurrently, around $20B worth of various tokens are now locked in Ethereum’s DeFi projects.
However, the founder of QCP Capital Darius Sit, said that the whale was “just taking profit,” and “wouldn’t read into it more than that.”
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