A few hours after Bitcoin became a trillion-dollar asset, the second-largest cryptocurrency by market cap, Ethereum, has risen to a new all-time high of $2,000.
Ethereum broke a major milestone on February 20. For the first time in its history, the digital asset took down the $2,000 price tag.
Since the start of the year, the price of the asset has surged by nearly 200%, steadily breaking previous highs. Ethereum began the year at around $720. Four days later, it crossed the $1,000 mark. It managed to sustain its Bull Run until January 19, when it toppled its 2018 all-time high of $1,420.
Similar to Bitcoin’s $50,000 psychological barrier, the $2,000 benchmark was a major hurdle for Ethereum. With that out of the way, the digital asset may head for $2,500 or even more. There are predictions suggesting $20,000.
Several factors may have contributed to Ethereum’s recent climb. Beyond the fact that institutional investors are actively buying the digital asset, Ethereum futures recently made its debut on CME Group, the world’s largest derivatives exchange.
Ethereum’s market capitalization is now around $230 million. Meanwhile, data on AssetDash places Ethereum on its list of top-40 assets by market cap.