Ethereum Price Hits $3000 ATH For the First Time

Ethereum price has recorded a new all-time high (ATH) of over $3,000 on Sunday 2 May. Interestingly, this represents the first time in history that an Altcoin has broken past the $3000 price mark.

At the time of writing, Ethereum’s price is $3,057.74 with a 24-hour trading volume of $38,357,012,667, according to CoinGecko data. Not limited to this alone, the substantial ETH price spike has increased its market capitalization to over $353,594,065,408. 

Of note, ETH has firmly maintained its bullish trend so far, even amid the crypto price fluctuations since 2021 began. Moreover, Ethereum’s current $3K price retains its position as the second-largest crypto after the flagship currency Bitcoin (BTC).

Based on a report, the crypto community believes that Ethereum is arguably exploding into the mainstream due to the increasing popularity of decentralized finance (DeFi) and NFTs. This is due to both DeFi and NFTs heavily depending on the Ethereum network.

Kenetic Capital Managing Partner Jehan Chu said,

“Surging DeFi volumes continue to push Ethereum prices higher as investors gain confidence in crypto and see Ethereum as a safe second-place asset.”

Moreso, many also believe that the current Ethereum price surge could be a result of the recent Binance Smart Chain (BSC) launch. This is because BSC is very compatible with the ETH mainnet and allows smart contract creation via the Ethereum network.

Source: https://coinquora.com/ethereum-price-hits-3000-ath-for-the-first-time/