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

Ethereum

u.today 08 May 2021 17:24, UTC
  
Reading time: ~1 m

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.

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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