Ethereum has just hit a new all-time high. Blowing past last week’s ATH of $2,800 USD, ETH has passed the $4,000 USD mark and is currently trading at around $4,100 USD.
Now sitting with a market cap of around $480 billion USD, ETH is the second-largest cryptocurrency in the world, considerably less than Bitcoin’s $1.1 trillion USD. Bolstered by the ever-growing popularity of BTC, and the remarkable year cryptocurrency is experiencing, Ethereum’s success can also be attributed to the demand in Ethereum smart contracts and decentralized application platforms — DeFi and NFTs all run on the Ethereum blockchain.
While the popularity of altcoins has stolen much of the cryptocurrency limelight as of late, Ethereum is not to be confused with the hundreds of other large-cap alts. Although its functions differ from BTC, ETH is a far more popular platform to build on and is often regarded as its own true cryptocurrency.
In other cryptocurrency news, SafeMoon surpasses Bitcoin as CoinMarketCap’s most-watched cryptocurrency.