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Ethereum, the second-largest cryptocurrency, is back above the $500 billion market cap following the digital asset being up by more than 10% in the last 24 hours.
Ethereum Market Cap Is Now Above $500 Billion
According to data from CoinMarketCap, Ethereum’s market cap is back to trading above $500 billion in nearly two months after the digital asset's recent rally.
Since the beginning of the month, the second-largest cryptocurrency has enjoyed bullish price action, gaining over 2,000 to breach the $4,000 resistance level and soon gearing to reach new all-time highs.
Not only that, the demand among large crypto holders has increased significantly in the last few weeks. In fact, data from Santiment shows that the top ETH addresses have increased their Ethereum holdings by nearly 14% in the last 10 weeks.
“Ethereum’s top addresses have accumulated ETH steadily since early August, and it’s no surprise to see the number 2 asset approaching an All-Time High of its own. In the past 10 weeks, addresses with 1M to 10M ETH have accumulated 13.9% more to their bags,” Santiment highlighted in a recent Tweet.
Ethereum has remained one of the best-performing cryptocurrencies this year, after jumping from nearly $730 on 1 January to an all-time high of $4,297 on 12 May.
Crypto Market Cap Rises to New ATH
The overall crypto market dominance of Ethereum has decreased gradually in the last few months amid Bitcoin’s bullish price action. However, Ethereum’s recent rally has increased its market dominance and now accounts for approximately 17% of the overall value of cryptocurrencies.
ETH’s on-chain activity, including its active addresses, has also spiked this week amid the recent bullish rally. Data from Etherscan, a leading block explorer and analytics platform for Ethereum, shows that the deposit contract of ETH 2.0 now has more than 7.9 million staked ETH. The total value of deposited coins now stands at around $33 billion.
The total market capitalization of all cryptocurrencies rose to new all-time highs above $2.63 trillion on Wednesday, representing a gain of 5.9% over the previous 24 hours.