The price of Ethereum has traded today above $1000, within hours of breaching the $850 price mark. The latest price action resembles that from the bull run of January 2018. The native currency of the Ethereum network also hit a high of 30% over the past 24 hours. The growing interest towards the cryptocurrency coincides with increased institutional interest and the upcoming launch of ETH futures by CME on Feb. 8. Meanwhile, the total valuation of Ether’s market supply currently stands at $114.2 billion.
Ethereum Soars Above $1000
Over the past months, the volume of Ether on approx. eight cryptocurrency exchanges have been substantially higher. Data from CryptoCompare reveals that by the end of the previous week, the seven-day average of total volume for the cryptocurrency on these exchanges was around $3.3 billion. A month before that it was only $1.5 billion.
Ethereum initially touched the four-figure dollar and an-all time high of $1,432 in January 2018. It subsequently moved on to settle to a three-figure valuation by the start of February 2018.
Bitcoin, however, had the most incredible growth with a price increase of $4,000 in this week alone. The cryptocurrency grew to over 300% from its early October valuation of $10,500.
Ether Set for Positive Price Action in Long Run
Ether’s recent attraction among investors has been driven mostly by the booming DeFi summer of 2020. The network has maintained itself as a leader as almost all of the DeFi projects are based on the Ethereum blockchain.
Amid the active spot market, the active supply of Ethereum has been dropping to new lows. As per Glassnode alerts, the active supply of ETH based on a 3-6 month timeframe has hit a 5-year low of 5 million ETH.