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Ether’s (ETH) price has been relentlessly soaring higher in recent days. The native crypto of the Ethereum platform as well as the world’s second-largest crypto by market cap just set a new record when it soared past $4,000 for the first time ever.
Ether set a new record on Sunday at 11 p.m. ET when it broke past $4,000 for the first time in the crypto’s history and even traded as high as $4,070, according to Coindesk. However, it appears that ETH’s rally is far from over as it went on to trade even higher on Monday.
Ether traded $4,158 at the time of writing based on Coinmarketcap data. This means that the crypto, which was trading at around $731 at the start of 2021, has already risen by around 468 percent this year. For comparison, Bitcoin’s (BTC) year-to-date return is only around 104 percent.
The crypto’s rally is fueled by optimism from new investors with the recent boom in decentralized finance (DeFi) with the uptick in blockchain-based lending and trading. Most of new DeFi projects are being built on the Ethereum blockchain fueling demand for its native cryptocurrency.
With the recent rally, Ether’s market cap has now risen to $481 billion. With this valuation, Ether is now inching closer to that of JPMorgan Chase, the largest bank in the U.S., which has a stock-market valuation of around $488 billion.
The demand for ETH has soared that some a premium has appeared on the Coinbase exchange, according to CryptoQuant CEO Ki Young Ju. He described the premium as “significant” and noted that Ether climbed 71 percent in two weeks since April 26.
“Low supply, high demand,” Ki Young Ju wrote on Twitter on Saturday. “This trend started in August last year and it will continue as long as institutions joining this industry.”
However, he advised against selling the crypto at this point. “Selling $ETH now seems not a good idea in the long term,” Ju added. “Follow US institutional investors, not against them.”
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