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News Report

Breaking Ethereum (ETH) Skyrockets Above $2,000 for the First Time Ever

1 min
Updated by Ana Alexandre

In Brief

  • Ethereum has hit a new all-time high above $2,000.
  • ЕТН rally is fueled by institutional interest and an overall bullish trend on the cryptocurrency market.
  • Experts believe the token has the potential to reach $10,000.
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Ethereum (ETH), the second largest digital asset by market cap, broke above $2,000 and hit a new record of $2,042 during early Asian hours on Feb. 20.

At the time of writing, ETH/USD is changing hands at $2,000, having gained over 5%, in the past 24 hours, and over 200%, since the start of the year. Ethereum’s market capitalization has surpassed $230 billion, while an average daily trading volume exceeded $40 billion.

ETH chart by TradingView

On the Verge of a Massive Bullish Trend

The second-largest digital asset is driven by a range of positive fundamental developments including the successful launch of ETH futures on the CME and increased institutional demand.

Analysts from Fundstrat Global Advisors LLC say that ETH is on the verge of a massive bullish trend that will eventually push the price of the token above $10,000.

The report pointed out that the booming decentralized finance (DeFi) industry will be instrumental for ETH’s strong growth, as the overwhelming majority of DeFi projects are built on top of the Ethereum blockchain.

Apart from that, the emerging non-fungible token (NFT) industry is also fueling ETH growth. The total value of transactions in the NFT sector saw a nearly 300% growth in 2020 and the trend is set to continue.

According to a study conducted by NonFungible.com and foresight company L’Atelier BNP Paribas, the industry will become a major driver of the virtual economy in 2021.

The cryptocurrency market is on fire, as the first digital currency bitcoin (BTC) hit a new ATH above $56,000 on Feb. 19, while its market value surpassed $1 trillion for the first time in history.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

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