Ethereum’s Upside Appears Limitless as ETH Breaches $2,400 For the First Time Ever

Ethereum, the second-largest cryptocurrency, has breached the $2,400 mark and is currently hovering around $2,464 at the time of writing, according to CoinMarketCap. 

Ethereum’s presence in the crypto space is continuously being felt based on its notable milestones. Santiment has delved deeper into Ethereum’s uptrend and noted that its rally to $3k and beyond looks set. The on-chain metrics provider explained:

“Ethereum's upside appears limitless currently. With diamond-fisted hodlers rejoicing at today's $2,479 ATH, & early profit takers baffled, we've dropped free updates on what on-chain metrics could hint that $ETH is heading straight to $3k and beyond.”

Santiment added:

“Bitcoin and Ethereum being at record-high levels mean more opportunities for whales to make big moves.”

ETH’s bull run has been boosted by booming decentralized finance (DeFi) and non-fungible token (NFT) sectors, as well as the launch of Ethereum 2.0 in December 2020.

ETH 2.0 is seen as a game-changer that seeks to transit the current proof-of-work consensus mechanism to a proof-of-stake framework, which is touted to be more environmentally friendly and cost-effective. Reportedly, the total value locked in Ethereum 2.0 recently surged past $9 billion. 

Ethereum’s daily transactions surge past $12 billion

According to crypto data provider Documenting Ethereum:

“In one year, Ethereum has grown from settling ~$373m per day to over $12b per day.”

This can be attributed to the fact that the number of active ETH addresses has hit a 3-year high of 34,736, as alluded to by digital asset firm Glassnode. 

As Ethereum Futures total open interest hit an ATH of $8 billion, time will tell whether ETH will continue with its record-breaking moves in 2021. 

Market analyst Michael van de Poppe believes that it is only a matter of time until Ethereum scales to a new higher high of above $4,000 as its market capitalization of $286.6 billion is a stone’s throw away from that of PayPal’s at $312.95 billion.