The price of Ether (ETH) has just exceeded 4,000 dollars, a week after having crossed the threshold of 3,000 dollars. This recent surge in value has seen the leading altcoin close the gap on Bitcoin.
New historical record for Ether (ETH)
Like last week, Ether’s price crossed a significant psychological barrier overnight from Sunday to Monday. Ether in the process reached a new record price of $4,140 in the early hours of today after a price spike of 7% within a few hours.
Source: TradingView, ETH / USDT
This corresponds to a gain of +39% over the week. Ether growth has been stratospheric, with the coin up 1860% in the past 12 months. Meanwhile, the total capitalization of Ether has reached a record high of $478 billion.
Ether (ETH) narrows the gap with Bitcoin (BTC)
Ethereum market cap still remains far from Bitcoin despite the recent gains, but it has reduced significantly. As data from The Flippening Index shows, Ether’s market cap is now 43% of BTC. This represents an increase in capitalization of 20% on the leading coin in recent years.
The capitalization of ETH remains far from that of Bitcoin (BTC), which posts 475 billion dollars, but the gap has greatly narrowed. As data from The Flippening Index shows, Ether’s market cap is now 43% of BTC. This is a noticeable increase, and the capitalization of ETH is 20% higher to Bitcoin than what was recorded some years ago:
Ethereum also now processes a higher number of transactions and a higher volume of transactions than the Bitcoin network. ETH is still a long way from dethroning BTC, but the gap is gradually narrowing.
The primary question is how far this current trend will continue. For now, several analysts point to a goal of $10,000 for ETH long term, as the euphoria continues to reign in the markets.