The price of the Ethereum cryptocurrency has risen by more than 12% in recent days. That surge brings Ether closer to the top 40 of the world’s most valuable assets.
At the same time that Bitcoin continues to rise and does not seem to stop, other cryptocurrencies exceed their all-time highs (ATH). A rise of around 5% in just 24 hours drove the price of Ether (ETH) above USD 2,000.
In recent days, the cryptocurrency of the Ethereum network broke the USD 2,000 barrier, according to data from CoinMarketCap. In that way, the second cryptocurrency by market capitalization has risen by more than 170% so far in 2020.
The price of Ether has risen by more than 12% in a week, going from less than USD 1,800 to more than USD 2,000. At the time of writing this article, the price of the cryptocurrency is around USD 2,030.
That price increase has allowed Ether to climb 12 spots on the list of the most valuable assets in just over a week. According to data from CompaniesMarketCap, the cryptocurrency reached 41st place, with a market capitalization of USD 233.92 billion.
If the cryptocurrency of Ethereum had another increase of 0.3% compared to its current price, it would enter the top 40. However, its current position already places it ahead of companies such as Nike, Adobe, Exxon Mobil, and Coca-Cola.
Ether has reached that increase in its price amid a market in which the main cryptocurrencies are in green numbers. The only exception is Ripple (XRP), which is trying to reverse the negative trend that it had in recent months.
Ether’s Price Remains Bullish Awaiting Ethereum 2.0
The cryptocurrency has risen in value during a bullish market that institutional investment in Bitcoin is boosting. Besides, the expectation for the launch of the Ethereum 2.0 network continues among the members of the ecosystem. That new version will change the consensus mechanism from proof of work (PoW) to proof of stake (PoS).
There have been controversies and delays in the plans for Ethereum 2.0, but the developers seem to have cleared the way in recent months. This happened after the start of the network with the first block mined at the beginning of last December.
There is currently more than USD 6 billion worth of Ether locked on the Ethereum 2.0 network through its staking mechanism. This is the holding of Ether that users need to participate as network validators.
Although the true migration to the new network has not yet occurred, the community expects it to take place during 2022. Meanwhile, the two networks continue to exist in parallel and independently until that date arrives.
In this way, the expectation for the future of the network that houses all kinds of projects remains. On it, there is currently Ether, among other cryptocurrencies, as well as already famous decentralized finance (DeFi) platforms.
By Alexander Salazar