Ethereum breaks over $2,100 and sets all-time high

While Bitcoin has been steadily hovering just below the $60,000, the leading altcoin Ethereum has surged to a new record high value of over $2,100 at the time of writing.

The second largest cryptocurrency with a current market cap of over $240 billion, to Bitcoin’s $1.25 trillion, broke its record high just days into April, with a previous record of just over $2,040 which was set in February.

February and March

After its previous all-time high in February, Ethereum’s price saw a correction, with the first correction dipping the cryptocurrency back to below $1,300. Halfway March, it recovered to just above $1,900 with another correction just a few days later taking it to a little under $1,600. Since then, Ethereum has shown strength with indicators pointing to investors showing interest in buying and holding.

What drives Ethereum’s all-time high?

There are multiple explanations for Ethereum’s recent surge with the leading altcoin making headlines for a number of different reasons, with most notably the recent announcement that Visa is making use of Ethereum to settle transactions with. The networks’s upgrade to Ethereum 2.0. blockchain (or Eth2), has also caused a fresh wave of intrigue from tech enthusiasts, not just crypto-investors.

In addition, the recent booms of Ethereum fueled non-fungible tokens (NFTs) and decentralized finance (DeFi) the decentralised finance (DeFi) undoubtedly played their part in Ethereum’s appreciation.

In a recent interview with Real Vision, billionaire investor and owner of the Dallas Mavericks, Mark Cuban said he owns Ethereum and is positive about the asset:

“I had a bunch of Ethereum from when it first came out, or about a year after it came out, and then I bought some more a few months ago. I forget how many – six, seven months ago, whatever.”

He also said that he will increase his Ethereum stake if the price will jump back at any point.

“If Ethereum goes back under $1,000, then I’ll buy more.”

Cuban had previously also commented on his portfolio holdings. His current allocation on cryptocurrency is 60% Bitcoin, 30% Ethereum and 10% other tokens. With regards to Ethereum he said to have regrets not getting in earlier.

I have a lot of Ethereum as well. I wish I had bought it sooner, but I started buying it four years ago, simply because I think it’s the closest we have to a true currency (…). The one difference (between crypto and stock market) I can look at the volume of a stock, but I get so much more transparent data with blockchain and tokens.