Cryptocurrency Ethereum Targets $1,500 after Posting Record Gains

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Ethereum, the world’s second-largest cryptocurrency registered an all-time high on Monday as the ETH price jumped more than 20% in the last 48 hours. Ethereum reached the high of $1,470 in the Asian session on 25 January.

According to the latest data, Ethereum now has a market cap of more than $160 billion. As of writing, the price of Ethereum is trading near $1,430 after jumping nearly 15% in the last 24 hours. The overall market cap of cryptocurrency assets reached $1 trillion on Monday.

Bitcoin, the world’s largest cryptocurrency is consolidating near $33,000 after posting a drop of nearly 10% in the last 7 days. BTC’s dominance in the crypto market has dropped below 63% for the first time since October 2020.

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According to the data published by a crypto analytics company Glassnode, the number of addresses holding at least 0.1 ETH reached an all-time high of 3,756,147. Ethereum whale addresses with at least 10,000 ETH also reached the highest level in 13 months. The company also mentioned that the ETH balance on major cryptocurrency exchanges has dropped nearly 4.5% over the last week.

Impact of Ethereum on DeFi

The recent rally in Ethereum had a significant impact on DeFi cryptocurrencies. Aave and SushiSwap, both are up more than 10% in the last 24 hours. Aave is now the world’s 15th most valuable cryptocurrency with a market cap of more than 3 billion. The cryptocurrency crossed $280 on Monday, up more than 50% in the last 7 days. Uniswap (UNI) jumped more than 20% in a single day to reach $12.40. Sushiswap also touched an all-time high of $9.80 on Monday.

Despite the recent dip in Bitcoin, the overall crypto market is up significantly since the start of 2021. Cryptocurrency assets like Ethereum, Polkadot, Cardano, and Chainlink performed better than Bitcoin in the last few weeks. DeFi projects have taken center stage as the total value locked under DeFi reached an all-time high of $26.6 billion, according to the data published by the DeFi Pulse.



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