Ethereum, crypto’s second largest asset by market cap, has broken its previous all-time price high near $2,041 , set on February 19, 2021.
Since its February high, ETH has corrected twice on its daily chart, posting a higher low on the second correction. In the days after its $2,041 summit, the asset dropped down to about $1,293. ETH recovered up to about $1,943 by March 13 before falling back down near $1,546 in subsequent days.
Since the drop down near $1,546, ETH has posted four consecutive green daily candles. Today will be the fifth, if it closes green.
CoinMarketCap lists ETH as the second largest asset by market cap currently. Holding a market cap near $239 billion at time of publication, ETH sits comfortably in second place above Binance Coin (BNB), but a long way from Bitcoin’s (BTC) $1.1 trillion total valuation.
Ethereum has seen a large number of headlines over the past several months, in line with its transition to Ethereum 2.0, or Eth2, as well as its role in decentralized finance, or DeFi. Eth2 looks to scale the Ethereum network and fully transition its blockchain over to a proof-of-stake algorithm in the coming months.
ETH’s upward price trajectory has also come in line with an overall bull market for crypto, in which BTC has traded above $60,000.