Ethereum Comes Within a Hair's Breadth of $1,000

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Sun, 01/03/2021 - 18:07
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Alex Dovbnya
Ethereum's market cap tops $100 billion, chipping away at Bitcoin's dominance
Ethereum Comes Within a Hair's Breadth of $1,000
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Ethereum reached a new daily high of $978 at 16:26 UTC on the Binance exchange, coming close to four-digit territory it hasn’t touched in almost three years.  

Ethereum
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The cryptocurrency managed to reach its highest level since Feb. 18, 2018.      

Ethereum “flippens” Charles Schwab

With its current market cap of $107 billion, the Ethereum network is bigger than Volkswagen, Dior, and Charles Schwab. 

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The largest altcoin is now close to surpassing its peak market cap of $132 billion that was recorded on Jan. 14, 2018.   

Bitcoin’s dominance plunges

The monstrous uptick has taken a significant toll on Bitcoin’s market dominance that is now sitting just below 70 percent after hitting its highest level since July 2017.

The crypto king is changing hands below $33,000 after touching a new all-time high of $34,800 earlier today.

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Altcoins rally together with Ethereum

Multiple altcoins, such as VeChain (VET) and Dogecoin (DOGE), have also rallied sharply higher, outperforming even Ethereum.    

Even embattled XRP — which was once again flipped by Litecoin earlier today — is finally seeing some love from buyers. 

Monero (XMR) is the only major altcoin that remains in the red. Privacy coins have been under some pressure after U.S.-based Bittrex announced its decision to delist them. While the reason behind the purge hasn’t been specified, it stoked regulatory fears.   

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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