No longer content trailing Bitcoin, Ethereum is now leading market rallies and setting records. In the wee hours of the morning, the coin set an all-time high of $2,197. The price of Ethereum has hardly retreated since then; Ethereum currently trades for a price of $2,171. And its market cap, the second largest in all of crypto after Bitcoin, is around $250 billion, meaning that Ethereum makes up an eighth of the total market cap of the global crypto market—now $2.07 trillion.
Ether, the world’s second-largest cryptocurrency rose to $2,000 for the first time, as the rally in digital assets continues to broaden beyond Bitcoin. The digital token for the Ethereum network gained as much as 2.3% to $2,014 on Friday. It has surged about 170% this year. The Bloomberg Galaxy Crypto Index gained gained about 3%, while Bitcoin was little changed after more than doubling this year.
The discussion over the Ethereum (ETH) network’s high fees continue, with many looking at incoming Ethereum improvement proposals (EIPs) and layer 2 (L2) projects as potential solutions – but the much-talked-about EIP-1559 is not it, said yet another analyst. While Ethereum’s adoption has seen a massive growth, with the rise of decentralized finance (DeFi), stablecoins, and non-fungible tokens (NFTs), fees have shot up to new highs in early 2021, due to network congestion and sharp price increase.