The cryptocurrency market has been on a rally for the past year, and Ether has been one of the best performers during that period. It has more than tripled its price since the start of the year and has now set a new all-time high above $4,100.
Ether rallies past $4,100
Ether, the second-largest cryptocurrency by market cap, has set another all-time high, rallying past the $4,100 mark a few hours ago. This latest development brings Ether’s total market cap close to the $500 billion mark and widens its gap with the other leading altcoins.
ETH’s price went up by over 5% during the weekend to surpass the $4,000 mark for the first time in its history. It sustained the rally to reach an all-time high of $4,165, with a market cap close to $500 billion. Ether’s price is now up by over 40% in the past week while it has doubled in the last 30 days, making it one of the best-performing cryptocurrencies in the market.
Since the start of the year, Ether has made a whopping 460% to current prices. In the same period, Bitcoin has managed to gain 105% to its current price (around $59k).
Ether’s market cap surpasses some leading companies
The market cap of the second largest cryptocurrency is currently $7 billion shy of the $480 billion mark. Following this weekend’s rally, Ether is now more valuable than MasterCard and Walmart, which are worth around $395 billion. If ETH can sustain its huge price increase, it could soon reach JPMorgan Chase’s market cap at $488 billion.
Ether has been attracting a lot of institutional interest in recent months. This comes as asset managers and other institutional investors look to expand their portfolios beyond BTC. Last year, asset manager VanEck filed a proposal with the US Securities and Exchange Commission (SEC) to list an Ether-focused ETF. If approved, the ETF would allow retail and institutional investors to gain exposure to the second-largest cryptocurrency without directly owning it. The proposal is the first Ether ETF application submitted in the United States.