Ether (ETH), the native digital currency of the world’s second-largest blockchain network Ethereum catches up with the bullish rally of the top-ranked cryptocurrency Bitcoin and has broken a significant price mark. The price of ETH has surged above $700 just a few hours ago by posting a rally of more than 13 percent over the last 24 hours.
Highest Price Value Of ETH Since May 2018
It is the first time since the 21st of May 2018 that the second-largest digital currency by market cap has skyrocketed above this price mark. Throughout this year, Ether has been struggling to reach this price level and now it has got success in hitting the figure of $700. As per the data from CoinMarketCap, the price value of ETH surged to $711 which is the new yearly as well as the two-year high of the coin. At the press time, the price of Ether is standing at around $704 with a price increase of nearly 10 percent in the last 24 hours. ETH price value is also up by more than 7 percent over a weekly basis as well.
Alongside witnessing a potential surge in price value, the market capitalization of the number-one altcoin has also spiked high. According to the data from CoinMarketCap, the market cap of ETH has gained more than $8 billion within the duration of no time and has reached $79 billion where it is standing at the moment.
Ether has achieved this breakout following the footsteps of the world’s largest digital currency in terms of market cap Bitcoin that has recorded a new all-time high value by hitting the price figure of $28,288 later on the 27th of December. However, Ether has not reached its all-time high value like Bitcoin. ETH is still far away from hitting its all-time high value. The ATH of ether stands at $1,432.88. This value was recorded by Ether on the 13th of Jan 2018.
What Is Next?
After breaking above $700, the coin will be looking to head toward the next major resistance level of $750 in the short-term case scenario. The ultimate target is to achieve the breakout of $800 before the end of the year 2020.
Cryptocurrency analysts are predicting that the second-ranked digital coin is poised to break its all-time high value in the year 2021.