Ethereum price have reached it’s highest-ever level during todays morning and currently ETH is trading at the price of $4,735.
The world’s second-largest cryptocurrency by market capitalization has hit an all-time high of $4,764 according to Binance ETH/USDT.
Ethereum is now trading above its previous ATH which was $4,372 on May 10. The asset has made a whopping 555% since the beginning of the year. Ethereum even outperforming Bitcoin which has seen a gain of 130% in the same period.
Falling real yields, as traders brace for inflation, adds to the attractiveness of assets such as gold and cryptocurrencies which do not pay a coupon. It was said by Kyle Rodda, analyst at broker IG Markets. Adding that the mood in the sector has also been good.
“Financial institutions want to be a part of it, regulators don’t want to clamp down on it too much,” he said. “We’re almost past the inflection point, where it’s part of the system and its going to be very, very hard to extricate it.”
In recent weeks, Australia’s biggest bank has said it will offer crypto trading to retail customers. Singaporean authorities have sounded positive on the asset class and spillover from a positive mood in stocks has also lent support.
The price of Ethereum gathered momentum after rebounding successfully above the 50-period simple moving average last week.
With the bullish scenario in place, ETH is eyeing the $5,000 handle in a first degree. As the next tough nut to crack for the buyers. Which is also the latest milestone ahead of the discovery mode. In this area, the price is treading new waters from a price action’s perspective.
Bitcoin rose some 40% this month to reach a record of almost $67,000. Following the debut of the first Bitcoin-linked exchange-traded fund in the U.S. The world’s biggest digital currency was 1.6% higher in New-York trading at $62,405.
