Ethereum Crosses $3,500 for the First Time since 15 May 2021

Ethereum, the world’s second most valuable digital currency, spiked by nearly 5% today and crossed the price level of $3,500 for the first time since 15 May 2021. ETH started 2021 at a price level of approximately $740.

The latest data posted by Coinmarketcap shows that Ethereum now has a market cap of $412 billion. The total crypto market dominance of ETH currently stands at around 19.4%. Within the last 4 weeks, the price of ETH jumped by more than 50%.

“Ethereum has surpassed $3,500 for the first time since mid-May. One year ago, the asset’s price stood at $442. We’ve discovered that the ratio of ETH’s top 10 non-exchange whales is now 3.12 times as much ETH as the top 10 exchange whales. A great sign,” the on-chain analytics firm, Santiment mentioned on Twitter.

Yesterday, Finance Magnates reported about the latest jump in Ethereum addresses with non-zero balances. According to Glassnode, 60.7 million ETH addresses now have active balances, the highest level on record. ETH investment products attracted $17 million worth of institutional inflows last week, more than any other cryptocurrency.

On-Chain Activity of Ethereum

Commenting on the latest price movement of Ethereum and its overall network activity, Alexandra Clark, Sales Trader at GlobalBlock, said: “Ethereum’s on-chain activity is bullish, indicating the second leg of the bull run is close. The recent spike in NFT activity has prompted a rise in transaction volume and active addresses on the ETH network, as well as a deflationary supply.”

“Owing to NFT activity, Ethereum fees and the amount of ETH being burnt have increased significantly meaning, at times, more ETH is being burnt than issued. As a result, for the first time ever, Ethereum’s daily issuance fell below that of Bitcoin. After surpassing $3,400, a psychologically important level, Ethereum has one last resistance barrier at the $4,078 level, where over 1.5 million addresses purchased Ether before it rallies to a new all-time high,” Clark added.

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