Ethereum (ETH) managed to reach a monthly soaring of 46% to touch a 52-week all-time high (ATH) of US$4,379.11 on October 20, 2021. This trend is reminiscent of ETH’s May 12 (2021) ATH of US$ 4,384. A likely reason for this upbeat cryptocurrency market momentum is a recent approval of the Bitcoin (BTC) Futures ETF by the U.S. Securities and Exchange Commission (SEC). Following which, BTC soared to a new ATH of US$66,000+.
Although ETH initially tended to move at a snail’s pace following the approval and launching of a U.S.-based BTC ETF. Then ETH and other cryptocurrencies followed the suit to deliver noteworthy market performance. This week, while on a 7-day period ETH rose 21.0%, in the previous month, ETH soared 46.5%.
ETH has outperformed BTC on the year-to-date performance metric, soaring 1,084.4% in the preceding 12 months. ETH’s current market capitalization (MCAP) is US$513.6 billion. Since December 2017, ETH has risen 8,985%. Alarmingly, on October 20 (2020) ETH’s price was around the US$368 mark. In essence, ETH exhibited a 533% growth in the initial 6 months and 946% growth in the last one year.
Ethereum has also lately managed to claim the coveted second position in Coinbase’s exchange traded volumes. In its Friday newsletter, Coinbase wrote. “The ETH buy ratio has picked up, suggesting a bounce in ETH/BTC might be in the making.”