The recent Ethereum bull run saw it join bitcoin in the elite list of the world’s greatest assets. After rallying by over 14 percent over the last 24 hours, Ethereum is now amongst the top 100 most traded assets in the world for the very first time.
Ethereum eclipsed 12 other entries on the list to move to the 88th spot after Anheuser-Busch at 87. After rallying by more than 60 percent in 2021 so far, the price of Ethereum exceeded the $1,200 price level for the first time since January 2018. Furthermore, the bullish momentum does not appear to stop anytime soon, and Ethereum looks poised to surpass its all-time high of $1,400 set on January 13, 2018.
— CompaniesMarketCap.com (@CompaniesMarke1) January 6, 2021
This year, the gains represent an additional $53 billion to the total market capitalization of Ethereum, which was enough for the world’s second-largest cryptocurrency to exceed some big corporations’ market cap as Morgan Stanley, Citigroup, Philip Morris, Wells Fargo, and AstraZeneca.
Bitcoin is the only other digital asset on the exclusive list. The world’s largest cryptocurrency ascended through the ranks to claim the number 10 position just behind Tesla. Gold sits on top of the rankings with a total market cap of approximately $12.19 trillion. The closest rival to gold is Apple, which sits second with a margin of $10 trillion.
Ethereum price surpasses $1,200 for the first time in three years
One Ethereum token value reached $1,223.84 on major crypto exchange Bitstamp for the first time in three years. The rally was primarily driven by a convergence of critical drivers such as the parabolic rally by bitcoin, the Ethereum futures contract’s excitement, and the developing DeFi industry.
At the time of writing, Ethereum is trading at $1,231.89 on Bitstamp. Ethereum has rallied by more than 60 percent so far in 2021 to commence the alt season. Ethereum ‘s total market capitalization currently stands at $135 billion. With the current momentum, the second-largest cryptocurrency seems to be on track to smash its previous ATH of $1,432.80, possibly over the next few days.
CME poised to launch Ethereum futures
As 2021 keeps unfolding, Chicago Mercantile Exchange (CME) is set to launch a new ETH futures product next month. CME Group has detected the growing institutional interest in Ethereum futures. Beginning February 8, traders will be able to gamble on Ethereum through regulated exchange platforms. The latest product dubbed CME CF Ether Reference Rate will present traders with a more effective cryptocurrency exhibition, enabling an extensive price disclosure, and perhaps, more significant proliferation among institutions.
With the Ethereum price at its peak in three years, the DeFi craze appears to be a forgotten hype since the historic highs of 2020. However, the sector appears to be developing conjunctively with the entire industry. Since January 6, 2020, nearly every major DeFi governance token had registered double digits in weekly gains. Moreso, some have even surpassed the fiery rally by Ethereum.