Ethereum Jumps to $4200
Ethereum has passed another milestone, with the currency crossing $4,000 for the first time ever to rise to a new recent high of $4,170.
It barely retraced to $3980 before giving another try at that $4,200 with it trading at $4,140 at the time of writing.
That gives it a market cap of $475 billion, which is close to the entire crypto market cap at the top of the last cycle in 2017 at about $800 billion.
This thing is rising by $500 a day now on some days, with it up by about $2,000 in just two weeks in arguably one of its greatest bull run ever.
The best part is that it doesn’t quite feel like mania, more disbelief perhaps that this thing keeps rising without a nice crash.
It’s rising because its fees will be burned soon with the upgrade penciled for July, then perhaps in December it goes full Proof of Stake.
That should reduce supply pressure by perhaps $100 million a day, with the Proof of Stake upgrade further playing well to the environmental anti-bitcoin narrative.
Big money therefore might be diversifying a bit to eth, but there’s also a case to be made that while bitcoin rose and rose to 3x its previous ath, eth didn’t quite just sit there, but didn’t fully explode either.
At some point therefore it was going to take the show and have its run, with eth’s 3x its previous ath of $1400 so happening to be $4,260.
Does that then mean it cools down here and bitcoin takes the batoon of the march of bulls? Yeah, if only it was that simple as price gone do what it wants.
For now it’s just time to enjoy the show as eth reaches an almost half a trillion market cap.