Ethereum smashes $200 to reach five-month high

Ethereum (ETH) has just pumped by more than 7% to reach its highest value thus far in 2020—briefly touching more than $210 earlier today. Ethereum now sits just north of $209, and is sitting stably above the $200 price point for the first time since September 2019.

This recent bullish price movement saw almost $2 billion added to its market capitalization in the last 24-hours, further solidifying Ethereum as the second-largest cryptocurrency by market cap.

On the whole, Ethereum is now up almost 45% in the last month, having climbed from a low of just $127 in January. Likewise, Ethereum has also performed well against Bitcoin (BTC), gaining 4.36% against the number one cryptocurrency in the last day, and more than 21% against BTC since the start of the year. ETH nows sits at 0.02176 BTC—its highest value since November 2019.

Although Ethereum is witnessing impressive gains, it isn't alone in its bullish momentum. Currently, the vast majority of cryptocurrencies are also scoring gains against the US dollar (USD), with every cryptocurrency in the top 10 by market cap experiencing gains of at least 2%.

The cause behind the sudden bullish break remains unclear, but it is likely attributed to the fact that both Bitcoin and Ethereum have broken two key resistance zones in the last week, at $9,500 and $200 respectively. As such, renewed interest in the market may have driven this recent considerable growth.