Ethereum Price Hits All-Time High of $1,400

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Much of the talk in crypto (and mainstream financial) circles over the last month has been on Bitcoin’s historic price run. Three months ago it was lounging in the $11,000 range; now it’s pushing $40,000.

Whether it’s trickle-down cryptonomics, a rising tide lifting all boats, a newly launched proof-of-stake chain, or something else, Ethereum has been making moves too.

The price of Ethereum has increased 14% in the last 24 hours, according to data from CoinMarketCap, to hit $1,400. That’s above Ethereum’s all-time high of $1,396, according to the data site.

The coin has been on a tear recently, rallying from $730 at the start of the year up to $1,270 in little over a week. Since then the coin saw a price correction to the $900 mark before pressure starting building back again.

Ethereum is the second largest crypto by market cap. Image: Shutterstock

Trading volumes have been growing rapidly. More than $37 billion in Ethereum has been traded in the last 24 hours, as traders rush to get in on the action.

The growing price has pushed Ethereum’s market cap up. It now weighs in at $159 billion—that’s around 23% of Bitcoin’s market cap size.

The rest of the market has been performing well today, with XRP up 7%, Litecoin (LTC) up 14% and Bitcoin Cash (BCH) up 9%. Some coins have fared particularly well in the last week too, with Polkadot (DOT) up 105% in the last seven days and Chainlink (LINK) up 50%.

The growing price has, in part, pushed up the amount of value that’s moved across the Ethereum blockchain per day. According to Money Movers, just shy of $20 billion is moved across the network per day. On this metric, Ethereum and Bitcoin are neck and neck.