The world's second-largest cryptocurrency by market capitalization, ethereum (ETH), surpassed $3,000 this week for the first time since late July.
Ethereum Price Surges to $3,000
Ethereum’s momentum began after bitcoin (BTC) surged to an all-time high, topping $3,000 on Nov. 8. ETH hit an intraday high of $3,062 on Friday, and struggled to hold that level on Saturday at 12 p.m. ET, briefly dipping below the $3,000 threshold. As of 1:30 p.m. ET on Bitstamp, ETH was trading at $3,044.
Ethereum is up 21.7% over the past week, with a 22.7% gain in two weeks against the US dollar. Year-to-date, ether is up 32%. With 120,421,343 ether in circulation, ETH's market capitalization is just over $364 billion, representing 14% of the total market capitalization of $2.58 trillion.
Top trading pairs for ETH today include USDT, USD, FDUSD, USDC, BTC, and KRW. This recent surge has given ETH a 10% advantage over BTC, but since the start of the year in January, ETH is down more than 26% against bitcoin. This week’s price growth points to Ethereum’s potential resilience amid a broader bull market.
ETH’s 21.7% gain this week suggests renewed investor interest, but holding $3,000 may be necessary to build confidence. As ETH closely tracks BTC, its performance may continue to reflect broader trends across digital assets. While ETH’s gains against the dollar reflect renewed optimism, its 26% decline against BTC since January highlights a notable shift in the cryptocurrency industry.
This trend is mirrored among ethereum’s competitors, including solana (SOL), cardano (ADA), toncoin (TON), and avalanche (AVAX). Over the past year, ETH has faced increasing pressure to regain its position against BTC and its layer one (L1) and layer two (L2) peers. While recent gains may signal a potential comeback, ethereum’s trajectory in the coming months may provide insight into its ability to consolidate its position in the market.
By 2:19 p.m. ET on Saturday, ethereum had risen to $3,087 per unit, up 3.96% against the greenback over the past day.
Follow Wendy to stay updated with useful information from the crypto market 😉
