The price of ethereum, the second-largest crypto asset in terms of market valuation, touched an all-time high (ATH) on Monday, capturing $4,246 per unit. Ethereum has been on a tear during the last year against the U.S. dollar, gaining a whopping 2,129% in 12 months.
Ethereum (ETH) reached a new ATH this Monday, tapping $4,246 per ether. ETH is up over 6% during the last 24 hours and 21.9% over the course of the week. Against bitcoin (BTC), ETH is up 19% during the course of the last seven days. 30-day stats shows ETH is up 96% and 90-day data shows ether is up 136%.
Ethereum’s price rise has been dragging bitcoin’s (BTC) leading dominance down a great deal, as BTC only commands 43% today. ETH dominance is 19.6% and it’s been rising higher as each day passes. Data shows that reported volume for ETH is around $54.7 billion, while “real volume” stats from Messari indicates volume could be around $12.2 billion.
Since ETH dominance has risen significantly, crypto enthusiasts believe the crypto-asset could possibly flip BTC. The term “flippening” is trending on Twitter and a number of people are assessing the possibility of ETH dominating BTC.
“Maxis catching up on reality,” one person tweeted on Monday. “We are now just a little over 2x away. The flippening might indeed take a lot less than 5 years,” he added.
Data also shows that ETH is processing more transactions and settling more money than BTC in recent months. Holders making money at the current price is 100%, according to Into the Block data. Concentration of large ETH holders is 41% and correlation with BTC is only 0.09% on Monday afternoon. Transaction demographics between the east and west is 50/50 for Ethereum today, and 1-year holders composition by time held is 57%.
The total-locked value (TVL) in decentralized finance (defi) right now is more than $85 billion and a great majority of defi money leverages the ETH chain. Further, large sums of funds are frequently moving on the Ethereum network, as the past seven days of $100k transactions saw a massive $303 billion settled last week.
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