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Ethereum Reaches All-Time High after Significant Exchange Outflows | Finance Magnates


www.financemagnates.com 06 May 2021 02:50, UTC
Reading time: ~2 m

Ethereum, the world’s second-most valuable digital currency, is on the rise since the start of 2021. ETH registered an all-time high of nearly $3,550 on 6 May after a jump of approximately 8% in the last 24 hours.

According to Coinmarketcap, Ethereum has gained nearly 30% in the last 7 days. The total market cap of ETH jumped above $400 billion on Thursday amid significant demand for the world’s second-largest cryptocurrency.

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Ethereum is now more valuable than the financial services giant Mastercard. ETH crossed the total market cap of PayPal and the Bank of America last week. As of writing, ETH is currently trading near $3,450 with a market cap of approximately $401 billion. Ethereum’s market dominance is currently hovering around an all-time high of 17%.

One of the key reasons behind the latest surge in Ethereum is the massive outflows of ETH from leading digital exchanges. ETH whales are moving the digital currency in large amounts from crypto exchanges to cold storage in an effort to increase the demand.

“Ethereum has hit new historical All-Time High territory, jumping to $3,550. ETH’s exchange flow balance has favored coins moving off exchanges more than on. This implies a higher chance of continued growth, and lower risk of major selloffs,” crypto analytics firm Santiment mentioned on Twitter.

Ethereum’s Network Activity

The overall network activity of ETH has jumped significantly amid the recent price surge. The total number of Ethereum transactions has increased above the $3,000 price level. The trading activity of Ethereum also surged during the last 24 hours as more than $50 million worth of short ETH positions got liquidated within a single day after ETH reached the all-time high level. According to the latest data published by Etherscan, the deposit contract of ETH 2.0 now has more than 4.2 million staked Ethereum with a total value of more than $14.7 billion.

The latest jump in ETH’s price has made Vitalik Buterin, co-founder of Ethereum, a billionaire after his public crypto address reached 333,521 ETH, approximately $1.15 billion in value.

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