Ethereum sets another all-time high at $3,600

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Ethereum (ETH) continued its unprecedented surge and set a new record high when its price reached $3,616.10, following what could be considered as a momentum swing as investors seem to move their focus from its main rival, Bitcoin (BTC).

According to Bitstamp Exchange, the second-largest digital currency by market capitalization was up almost 4% at a price of almost $3,570. Meanwhile, Bitcoin hovered around $57,350 and was down 0.3%, making it about 11% lower than its all-time high set at almost $64,900 on April 14.

The token for the Ethereum Blockchain has risen to the $3,000 mark for the first time last Monday and has seen a climb of more than 385% this year, compared to the 96% of crypto leader Bitcoin.

Fuelling the ETH surge

The recent surge in the price of Ethereum (ETH) can be attributed to the spillover from flows into Bitcoin (BTC) as big-time investors Elon Musk of Tesla and Stanley Druckenmiller of Wall Street decided to increase their holdings of the hot cryptocurrency.

Meanwhile, according to Reuters, digital currency exchange CEX.IO Executive Director Konstantin Anissimov noted, “Ethereum has been able to maintain its positive momentum, a crushing series of all-time highs in the past week.”

The latest record set by ETH has also once again added fuel to the fiery claims that eventually, in the near future, it will supplant Bitcoin in terms of market capitalization.

ETH supply reduction

In July, the Ethereum Improvement Proposal (EIP) 1559 technical adjustment is expected to go live.

It will bring about a reduction in the supply of Ethereum and has already provided a springboard for the recent jumps the cryptocurrency has made.

Ethereum’s strong ascent also comes at a time when fellow altcoin Dogecoin (DOGE) is making a solid run of its own, now becoming the fourth largest cryptocurrency in terms of market capitalization after seeing an astonishing 24,000% increase in the past 12 months.

Image courtesy of Cointelegraph News/YouTube

Jet Encila

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