Ethereum hit a new all-time high (ATH) of $1,920 on Thursday, and seems intent on testing the $2,000 milestone in the coming days.
Ethereum is up 5.95% today, 6.52% this week, and 57% this month, compared to Bitcoin up 1.78% today, up 8.25% this week, and up 45% this month. Days with lower price volatility usually gives altcoins permission to outperform, and this seems to be the case in the latest bull market.
Ethereum is a decentralized open-source blockchain featuring smart contract functionality and unlimited number of ether tokens, making it very unique to Bitcoin which has an finite supply at 21 million bitcoin.
Ethereum has a market cap of $219.5 billion, compared to Bitcoin's market cap of $967 billion (which is approaching $1 trillion). The global crypto market cap for all cryptocurrencies is $1.58 trillion, according to CoinMarketCap.
At the end of September, at peak defi mania, 1 Bitcoin (BTC) equaled roughly 25 Ether (ETH). Back in November, when I wrote Don't sleep on Ethereum, 1 BTC equaled over 37 ETH. But after a volatile U.S. election season ended and optimistic news of a coronavirus vaccine, Ethereum kicked itself into overdrive. Bitcoin has since fallen to a ratio of 27 ETH at the time of writing.
Grayscale, the world’s largest cryptocurrency asset manager, crossed $40 billion in digital assets under management (AUM) after Bitcoin and Ethereum registered all-time highs. Grayscale Ethereum Trust, which holds roughly 1% of all the world's Ether tokens, has $5.7 billion in ether assets, up over 475% since September when they were holding $1.2 billion.
Grayscale purchased 38 Bitcoin in the last 24 hours as the total value of their BTC holdings jumped above $34 billion for the first time. They reported a total of 654,000 BTC under management as of last week.
On Tuesday, Coinbase’s waitlist for Ethereum 2.0 staking went live in a blog post shared with CoinDesk. Coinbase customers can now sign up to stake their ETH into a smart contract, and bridge between Ethereum and Ethereum 2.0, the network’s migration to a proof-of-stake network instead of proof-of-work. Staking allows customers to earn a yield of up to 7.5% for simply holding ETH2 on Coinbase, compared to 5-17% on Kraken.
On November 12, payment giant PayPal, with 286 million active users globally, started allowing customers in the U.S. to buy, sell, and hold Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, kicking off an undeniable bull run.
Ethereum is currently trading at $1,920 — hovering around its new all-time high of $1,926 set just a few hours ago! How soon until $2,000?