On May 2, Sunday, the Ethereum price renewed its all-time high, breaking through the $ 2900 level.
According to CoinGecko , the rate of the second largest cryptocurrency by capitalization rose to $ 2,961.56. At the time of writing, the coin is trading around the $ 2,920 mark.
Cryptocurrency market capitalization is more than $ 2.29 trillion. The bitcoin dominance index continues to decline , the share of the first cryptocurrency fell to 46.5%, and for Ethereum it grew to 14.7%.
The experts of the IntoTheBlock service believe that institutional players are behind the current rally of the coin – over the past 7 days, large transactions (worth more than $ 100,000) worth $ 116 billion were made, the total outflow of assets from exchanges for the period amounted to $ 10.45 billion.
$ ETH is unstoppable
Some interesting facts
-0.26 correlation with $ BTC (multi-year low on)
Record Perpetual Swaps Volume (April 23 with $ 77b)
100% addresses profitability
$ 10.45b in exchanges outflows over the past 7-days
$ 116b in transactions > $ 100k over the past 7-days pic.twitter.com/8wvRVBFTP3– IntoTheBlock (@intotheblock)
Guggenheim chief investment officer Scott Meinerd in an interview with Bloomberg also pointed to the growing interest of large investors in the second largest cryptocurrency by capitalization.
“I think institutional money is moving towards things like Ethereum and some of what I call more reliable cryptocurrencies,” he said.
On the eve of analysts at Fundstrat in a weekly report, they predicted a further rise in the Ethereum rate to levels above $ 10,000 in 2021.
The same prediction was made by the famous crypto trader and host of the podcast The Wolf Of All Streets Scott Melker. He suggested that the performance of Ethereum this year will be higher than that of Bitcoin.
Kraken exchange specialists admitted that the coin quotes reached the $ 15,000 mark . In their opinion, the price of bitcoin will approximately double during the same time.
JPMorgan experts see three main reasons why Ethereum surpasses the first cryptocurrency in terms of profitability.
Recall that the founder and managing partner of the SkyBridge Capital investment company Anthony Scaramucci is confident that Ethereum has a good foundation and the price will continue to grow .