Despite being on the low for quite some time, Ethereum (ETH) was seen climbing up the price ladder. The cryptocurrency jumped from a low of $1,766 to a high of $2,620.90. This marked a massive spike of 41% throughout the past week. This uptick came as a major surprise to the community. Ethereum was one of the assets that barely saw any changes in its price during the past year. The last rise has brought respite to a wide range of investors. Can the largest altcoin continue this trend?
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Ethereum Garners Support Above $2,500
The Ethereum market enjoyed a notable spike during the past 24 hours. The asset jumped by nearly 1% and was trading at $2,544.25 at the time of writing. Even though ETH has grown by 60% over the last month, the altcoin is at a distance from its all-time high. The second-largest cryptocurrency is currently trading 47% below its all-time high of $4,891.70. This peak was attained about three years ago.
Ethereum even surpassed Alibaba and Coca-Cola to become the 39th-largest asset in the world by market value on May 12, according to the firm data tracker 8MarketCap. At press time, ETH’s market value was over $308 billion. In contrast, the market capitalization of Coca-Cola is $303.5 billion, with its shares trading at about $70. Alibaba’s market value is $303.7 billion, and its stock is now trading at around $125.
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Over 60% of Investors Pocket Profits
It looks like the Ethereum community managed to bag a notable chunk of profit along the way. The asset’s latest increase in price pushed the total percentage of addresses in profit over 60%. It should be noted that just a month ago only 32% of ETH investors were in the green.
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