It’s 2021 and Ethereum (ETH) has already started massive strength. In the last 24-hours, the ETH price has skyrocketed 30% moving past $1000 levels for the first time in the last three years since January 2018. At press time, ETH is trading at $1006 with a market cap of $114 billion. Interestingly, from its March 2020 price crash, ETH price has multiplied by 10x now.
Interestingly, the ETH/BTC pair has made a solid surge, on the daily and the weekly charts. Over the last week, ETH has delivered near;y 100% more gains than crypto king Bitcoin (BTC) which recently touched an all-time high of $34,000 on Sunday, January 3rd. If we see the ETH/BTC graph below, initially it was showing a consistent fall with Bitcoin (BTC) gaining massive strength. However, the last 24 hours have turned tables completely in favor of Ethereum (ETH).
All this excitement in Ethereum is on the backdrop of the rising institutional interest. With CME Ether Futures launching next month, investors are altogether more excited about the institution wave coming ahead. Also, the latest ETH price rally has been followed with the daily transaction volumes at just over $50 billion.
Current value is 220,396.130 ETH (up 108.3% from 105,789.214 ETH)
— glassnode alerts (@glassnodealerts) January 3, 2021
ETH Hash-Rate Hits An All-Time High
The latest price rally comes amid its hash-rate peaking to an all-time high. As per Etherscan, the average hash rate for ETH has currently peaked out at 306,346.6018 GH/s. The ETH hash rate has been rising consistently over the last year supported by price surges as well as high DeFi activity in the second half of 2020.
Moreover, as per the Etherscan gas-tracker, the average ETH gas price has also surged all the way to 191 Gwei. As per the F2 pool data, the Ethereum miners have made three times more money than Bitcoin miners in the last 24-hours. While Bitcoin miner profits are currently around $26 dollars peak, the ETH miner profits have peaked at $88.
At the current price, ETH is still $400 away from its all-time high. But if the momentum continues, we can possibly reach the milestone by the launch of the CME Ether Futures.