Bullish fervor surrounding Ethereum (ETH) intensified on Wednesday, as the second-largest cryptocurrency broke above $1,200 for the first time in three years. The gains were largely driven by a confluence of fundamental factors, including Bitcoin’s parabolic rally, the anticipation of ETH futures contracts and a surging DeFi sector.
ETH price exceeds $1,200
Ether’s value peaked at $1,223.84 on Bitstamp, its highest since Jan. 2018 just before the market topped. At press time, ETH was up 8% and trading just above $1,210. The cryptocurrency is up more than 60% over the past week, bringing its total market cap to $135 billion.
ETH/USD exchange rate via TradingView
At the current pace, Ethereum looks poised to smash its previous record high of $1,432.88, possibly in the next few days.
Bitcoin juices up entire market
As 2021 ramps up, Bitcoin’s gravitational pull on the broader crypto market has intensified. The flagship cryptocurrency has just peaked north of $37,150 and is continuing to climb.