Ethereum Soars Above $1,000 Amid 25% Rally

Following Bitcoin’s parabolic rise, the price of Ether (ETH) soared above $1,000 for the first time since January 2018. It hit the three-year high of $1001.23 on Sunday, hours after breaking through $800. 

At the time of writing, the native currency of Ethereum network is now trading at $975.31, on the back of 25% daily gains. Total value of Ether is now $111.1 billion. 

After staying flat throughout December, the rise in the price of Ether has been accelerating. Additionally, Ether has risen against Bitcoin recently. According to Coinbase, the price of 1 Ether in Bitcoin terms surged past 0.03 on Sunday, from about 0.023 earlier the day. 

Bitcoin, the leading cryptocurrency, stalled at $33,000 level after hitting a new all-time high of $34,684 on January 3. It is now trading at $33,017, up 0.3% over the last 24 hours.

ETH Still Below ATH

Crypto exchange Gemini co-founder Cameron Winklevoss believes Ether is about to see huge gains. “$ETH was the best performing asset (up 450%) of 2020 hands down and still below its all-time high,” he tweeted on Saturday, “today it’s the equivalent of 15K #Bitcoin I would take that bet all day long.”

Former ConsenSys executive Andrew Keys suggested Ethereum is likely to perform extremely well in 2020, citing Ethereum 2.0 upgrade (ETH 2.0) and further growth in decentralized finance (DeFi): “The Eth 2.0 upgrade will catapult the network’s capability and garner even more attention from enterprises and institutional investors, driving the price of the ether currency to new heights.”

“One of the more underrated bull cases for cryptocurrency that I have always believed is simply the fact that gold is lame, the younger generations realize that it’s lame, and that $9 trillion has to go somewhere,” Ethereum Cofounder Vatalik Buterin wrote in a recent 2020 summary blog post, referring to the total value of the world’s mined gold.