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Ethereum Crosses $3,775 ATH with Market Cap Soaring to $432 Billion: Possible Reasons

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Sat, 05/08/2021 - 16:47
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Yuri Molchan
The second biggest cryptocurrency sets another all-time high today, pushing its market capitalization to over $432 billion
Ethereum Crosses $3,775 ATH with Market Cap Soaring to $432 Billion: Possible Reasons
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Ethereum, the second most popular digital currency launched on the platform that is “father” of all other crypto platforms and DeFi apps, has printed the second all-time high today.

A few hours ago, it surpassed the $3,665 level. Now, ETH has rallied to reach the $3,775 mark on the Binance exchange.

The coin’s market capitalization value now equals $432,665,669,740.

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One of the possible reasons for the rise is that on Friday, major asset management company VanEck filed for an Ethereum ETF. On Thursday, the European branch of the company filed to open the first ETF in Europe that tracks the performance of cryptocurrency companies, including crypto exchanges, hedge funds, etc.

Related
Asset Management Giant VanEck Files for Ethereum ETF

Another likely trigger for ETH to continue rallying is the fact that the amount of ETH locked in the Ethereum 2.0 deposit contract for staking has hit a new historic peak of $16,115,682,176.41, according to Glassnode.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.