Ethereum Jumps 21% Higher This Week, Second Largest Crypto Market Nears All-Time High

Ethereum Climbs 46% in 30 Days, Commands Half Trillion Market Cap

The digital currency ethereum (ETH) came awfully close to surpassing its all-time high this week, reaching $4,379 per unit on the exchange Deribit. That’s only 0.1141% away from the ATH ethereum tapped five months ago ($4,384) on May 12, 2021.

Ethereum’s market movements have been slower over the last week, taking a backseat to bitcoin (BTC) after the first U.S.-based bitcoin exchange-traded fund (ETF) was launched. Three days after the listing, ethereum and a slew of other crypto assets started to pick up the pace in terms of market performance.

Seven-day statistics show ethereum is up 21.0% this week and during the last month, ether has risen 46.5%. Year-to-date, ether has gained more than BTC, rising 1,084.4% during the last 12 months. ETH has a market capitalization of $513.6 billion today and is hovering at half of a $1 trillion market cap. Additionally, ether is much more valuable than it was during the bull run in 2017, as it has increased 8,985% since the high in December that year.

ETH Dominance Increases Over Last 2 Days, Ethereum Blockchain Still the Defi King

As far as dominance is concerned, BTC currently has 44.5% of the aggregate market cap of $2.79 trillion. Ether has 18.3% and its dominance has increased a great deal during the last 48 hours. At the time of writing, Ethereum’s network hashrate is 717 terahash per second (TH/s) which is equal to 0.717 petahash per second (PH/s). Ethereum proponents that stake ETH with a validator get around 4.89% annualized staking yield.

The top trading pair with ethereum today is tether (USDT) with 43.85% of all ether trades on Thursday. This is followed by USD (19.46%), BTC (12.11%), BUSD (7.38%), EUR (4.14%), KRW (2.68%), and JPY (1.74%). The top exchanges swapping the most ether today include Binance, Coinbase, FTX, Huobi Pro, Bitforex, and Huobi Japan.

Furthermore, there is $240 billion total value locked in decentralized finance (defi) today and the Ethereum network commands $165.25 billion of that aggregate total. That’s 45.45% of the entire TVL in defi today which is lower than ETH’s 69% defi dominance just a few weeks ago.

Today there’s $86.25 billion in stablecoins on Ethereum, alongside 284,009 BTC, or $18.4 billion using today’s BTC exchange rates. Charts measuring bridges to Ethereum indicate there is $15.29 billion in cross-chain bridge funds held.

What do you think about ether’s market performance this week and the second-largest crypto asset nearing its all-time high? Let us know what you think about this subject in the comments section below.