Ethereum is the second-best performing cryptocurrency after Bitcoin. Although Bitcoin is above the $50k price point at this time in the market, the second most vigilant cryptocurrency after Bitcoin, which is Ethereum, also seems to break out of its usual $700-1200 price bubble. Today, in the crypto market, the Ethereum coin has witnessed a new bullish rally, which has pushed the price value above $2000 for the first time in its history.
Ethereum also Captures the Corporations’ Attention
More and more finance corporations and agencies are realizing the importance of cryptocurrency not in terms of how secure it is but how it has become the need of the hour. Giant corporate owners such as Elon Musk are behind the acquiring of Bitcoin as much as they can, which has tempted the same interest among other financial leaders.
The world is barging in to acquire as much crypto as possible, and this overhaul has tempted them to explore options other than Bitcoin. Ethereum being the second in place among the crypto world, has finally taken this surging attention, and it might be the reason why the price has suddenly gone up. But this action of groundbreaking price reaching above $2000 was not a sudden one as the market was already showing signs that Ethereum might make a solid return after the mid-march crypto market liquidity crisis when its price dropped below $100.
Ethereum Value and Price Timeline over the Course of 2020
Ethereum did run into some trouble in mid-march when the liquidity crisis hit the crypto market, and thus its price dropped below $100. But after that, when the market stabilized over the course of a few weeks since then, there has been nothing but an ample rise in the price of Ethereum. As a result, various previous records that Ethereum did set have been broken by this very cryptocurrency in 11 months.
Around New Year, its price was about $720, and it only took about a month for Ethereum to break its 2018’s record price of about $1430. All these gains did seem impressive at the time, but even after this golden age, Ethereum continued to climb the ladder of success and has now dominated the crypto market with a price of over $2000, which is nothing less than an endearing accomplishment.
At press time, Ethereum is trading at $2,009 after an increase of more than 4% in the past 24-hours.