Ethereum Goes Up by 13%, Reaching $711

by in Cryptocurrency News

Ethereum hits $711

Ethereum price has hit $711, which is the highest rate since May 2018.

Related: BTC Price Reaches $25000

The cryptocurrency's market cap has surged $79.8 B.

This follows after Bitcoin's rally, the price of which has already surpassed $28000. Many analysts assume that the Eth price will go much higher in 2021 and the coming year will be revolutionary for the cryptocurrency.

One of Ether's major achievements in 2020 is getting ahead of Bitcoin in terms of percentage returns. It is 400%, while the BTC price return is 300%. Anyway, Bitcoin surpassed its 2017 high by 30%, and ETH trades over 50% discount from its all-time high. ETH's highest price was recorded in 2018 when it was trading at $1,432.88.

Institutional interest in Ethereum is also increasing. For instance, The Grayscale Etherem Trust (ETHE) has seen major investments during the previous months. Now ETHE has over $1.7 B in assets under management (AUM).