ETH price rally has helped its market dominance surge past 16% making it formidable crypto in the market. Analysts expect ETH price to surge to $10K by the end of 2021.
Simply stunning is an understatement for the Ethereum performance in recent time. The world’s second-largest cryptocurrency ETH has been on an indomitable rally and today’s all-time high of $3194 makes its co-founder Vitalik Buterin the youngest crypto billionaire in the market.
The public ETH address of Vitalik Buterin which he disclosed in 2018 has hit over $1 billion in balance with Ethereum’s meteoric rally. As per the data by Etherscan, this VB address holds 333,500 ETH coins. Thus, the balance as of the current price ETH shows $1.043 billion.
Growing ETH Dominance that Boosts Wealth of Buterin
Ethereum (ETH) has largely dominated the crypto market in recent times while Bitcoin (BTC) seems under consolidation. The ETH year-to-date returns stand at a massive 300% as of the current price. Meaning, Ethereum (ETH) has gained 4x since the beginning of the year 2021. On the other hand, BTC price has gained 2x or 100%. Clearly, Ethereum outclasses Bitcoin with a 3:1 margin.
With the recent price rally, Ethereum has hit fresh milestones on multiple fronts. For e.g. Ethereum has outgrown some of the biggest traditional financial institutions and companies. After toppling PayPal last week in market size, ETH has outgrown giants like Disney and Bank of America today. As per the data on Infinite Market Cap, Ethereum (ETH) is the 27 most valuable global asset currently. The next target for Ethereum would be taking on payments giant MasterCard.
Ethereum Gains in Crypto Market Domination
With its price rally this year, Ethereum has extended its crypto market domination. At its current price, ETH dominates more than 16% of the overall crypto market cap. On the other hand, Bitcoin (BTC) is seeing a stop in its market domination.
Over the last month, the BTC market domination has dropped more than 10% and is currently under 47%. Let’s take some of the positive on-chain developments driving the ETH price rally.
- In April, the ETH gas fee dropped below $10 for the first time in three months. This drop gave investors the flexibility to move their coins without paying too many fees.
- In April 2021, the Ethereum blockchain network registered a massive 41.7 million transactions. Thanks to the outbreak in DeFi and NFT activity on the blockchain.
- The ETH supply at exchanges was on a drop. This supply-demand gap helped to drive the price higher further.
- The CME Ether Future open interest jumped from $68 million on March 1 to $373 million by the end of April. The aggregate open interest for ETH futures across all exchanges has crossed $8.3 billion.
- In April 2021, the Ethereum-based decentralized exchanges facilitated more than $14.5 billion in trading volumes.
Many analysts predict that the ETH rally won’t stop anytime soon and ETH will hit $10K by the end of 2021.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.