HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Meteoric Rise: Ethereum’s Mesmerizing 285% YTD Returns Send ETH Soaring Above $500 For First Time Since 2018

Altcoins 2020/11/21 07:08 by Brenda Ngari
Centralized Exchanges Recorded Over 40% Increase In Trading Volume For Tether and USDC In Q3

Ethereum is in the midst of a parabolic rally. The second-largest cryptocurrency has breached the $500 hurdle for the first time since 2018 and is up over 280% year-to-date.

Ethereum’s jump to 28-month highs comes as alternative cryptocurrencies (also known as altcoins) stage a recovery from the lackluster performance. Above $500, there’s now very little stopping ethereum from printing new historic highs.

ETH Jumps Above $500 For First Time In Two And A Half Years

Ethereum surged past $500 on Friday for the first time since July of 2018. At press time, ETH is trading at $508.24 after gaining 7.06% in the past 24 hours. In fact, the altcoin has outperformed bitcoin. The flagship cryptocurrency has risen 2.72%. Additionally, ETH has generated a 285% return for investors since the start of the year, while BTC has managed a 154% gain on the year so far.

Ethereum has been in the spotlight in recent months as the crypto community awaits the launch of ETH 2.0 on December 1, an upgrade that is believed to be the solution to the ethereum network’s persistent scaling issues. As the transition to a proof-of-stake consensus mechanism draws closer, the ethereum price has continued to increase significantly.

Besides the imminent ETH 2.0 mainnet release, the price of ethereum is also being boosted by the resurgence of the DeFi market. DeFi tokens and the amount of capital pumped into DeFi projects have been slowly making a comeback after cooling off in Q3 2020. As DeFi picks up again, the market sentiment around ethereum has dramatically increased.

Nonetheless, ethereum will have to surge at least 183% if it wants to retest its old all-time high set in January 2018. Bitcoin, on the other hand only needs a 10% appreciation in order to break past its ATH. 

Notably, other altcoins are also seeing significant gains alongside ETH’s move above $500. For instance, XRP has gained 5.51% to trade above $0.31. Chainlink (LINK) is up 5.13% on the day and Polkadot (DOT) has increased by 13.41% over the same time frame.

0 Like(s)



You should also read...

Altcoins 20/06/20 02:00 by Nick Chong
Crypto Tidbits: Bitcoin Holds $9k, Ethereum DeFi Gains Traction, Trump Talked BTC in 2018
Another week, another round of Crypto Tidbits. It’s been a relatively mild week for the Bitcoin market, much unlike previous ones. The cryptocurrency started the week around $9,300 and ended th...
Read More
Altcoins 22/07/20 08:32 by Bernice Nyambura
Much Anticipated Ethereum 2.0 Final Testnet Will Launch in Two Weeks
Finally, Ethereum has released a definite timeline on the launch date of Ethereum 2.0’s final testnet in August, which will pave way for Phase 0 mainnet, as early as November. Ethereum 2.0 devel...
Read More
Altcoins 01/08/20 14:38 by Bernice Nyambura
Ethereum Marks 5th Birthday Amidst Impressive Price Gain and DeFi Boom
The Ethereum Foundation team celebrated the 5th anniversary since the official launch of the Ethereum Network dubbed Ethereum 1.0 (when the genesis block was created). The official celebration pos...
Read More
Other 13/08/20 02:00 by Nick Chong
Here’s Why Aave’s LEND Is Up 30% in the Past 24 Hours: DeFi Craze
Decentralized finance — better known as “DeFi” — is back in style once again. This segment of the cryptocurrency market has been surging higher once again, with tokens pertaining to th...
Read More
Altcoins 21/08/20 05:00 by Nick Chong
Financial Analyst: Ethereum DeFi Is Becoming an “Unstable” System
Ethereum’s decentralized finance space has seen exponential growth over recent weeks and months. According to data site DeFi Pulse, there is now $6.65 billion worth of cryptocurrency locked in s...
Read More