The bullish rally for ETH is not over yet as the native cryptocurrency of the world’s second-largest blockchain network Ethereum has surpassed the $500 figure a few moments ago. By hitting above $500, the coin has registered its new 28-month highest value so far. After recording highs above this figure, the price of the coin has slightly corrected below.
It is the first time since the year 2018 that the second-ranked digital currency by market capitalization has traded above this price level. Previously, ETH’s price was noted to be traded around this level on the 18th of July in 2018.
A few hours ago, the coin was attempting for this major breakout and got success in one attempt. However, it could not sustain its presence above this price figure and has slightly retrieved back to trade around $494 at the press time. The second-major digital currency is showing extremely bullish behavior at the moment.
Looking at the coin’s current bullish behavior, it seems that it will once again find its way above this mark in the next few hours. At the time of writing, the price value of ETH is up nearly five percent in the last 24 hours. While on the other hand, if we look at the seven-day price gains of the coin, it is up by more than 7 percent, as per data from CoinMarketCap.
With this price spike, the Year-to-Date (YTD) price gain of the coin has reached approximately 290 percent. The coin is expected to take its YTD price gains further higher in the coming days.
Despite this potential price surge and reaching the milestone of $500, the major digital currency is still far away from reaching its all-time high value. The all-time high value of ETH stands at around $1,433. It will need to register a price rally of around 185 percent in order to hit its highest value.
This rally of ETH coincides with the rise of the top-ranked digital currency Bitcoin (BTC) to $18,000. However, Ether has been able to record more gains than that of Bitcoin during the course of the last 24 hours.