The price of Ethereum, the second largest cryptocurrency by market cap, today hit $1,005 the culmination of a weekend bender that’s added a few hundred dollars to its price. Coinbase showed that Eth briefly hit that price at 23:38 UTC, before dropping below $1,000. 

While proselytizers and vultures alike have been circling BTC in droves since Christmas, Ethereum’s strong performance puts it well on the way to surpassing its all time high of $1,432 set in January 2018. That was the last time ETH hit four figures on the dollar before it settled into a three-figure decline by the start of February 2018.

Ethereum
ETH
+8.03%$2,528.98
24H7D1M1YMAX
Created with Highcharts 10.3.3May​10May​12May​14May​16May​18May​20May​22May​24May​26May​28May​30Jun 1Jun 3Jun 5Jun 7Jun 9Ju…$2300$2400$2500$2600$2700$2800
Price data by
ETH price

Ethereum’s success today, and the success of most of the other major alt coins, is the result of Bitcoin’s bull run. Altcoins often track Bitcoin’s price, given Bitcoin’s dominance over the market. Traders are “looking for ‘the next BTC’,” said Nimrod Lehavi, CEO and founder of crypto payments company Simplex, in an earlier conversation with Decrypt. 

Is ETH’s runaway success the start of a fresh ‘altseason’? Dogecoin surged by 70% on January 2. The price of VeChain rose over 20% today, while there were also approximate 10% increases to Litecoin and Maker.

Meanwhile, the price of XRP, formerly the third-largest cryptocurrency by market capitalization, continued to rail against a lawsuit filed by the US Securities and Exchanges Commission late last month. Following the suit, XRP swiftly fell from its long-maintained position as the third-largest cryptocurrency by market capitalization. Currently, it holds the fourth position, but for that position it is jockeying with Litecoin, the Bitcoin spinoff that recently flipped it. 

XRP
XRP
-3.50%$2.278
24H7D1M1YMAX
Created with Highcharts 10.3.3May 10May 12May 14May 16May 18May 20May 22May 24May 26May 28May 30Jun 1Jun 3Jun 5Jun 7Jun 9Ju…$2$2.1$2.2$2.3$2.4$2.5$2.6$2.7
Price data by
XRP price

Bitcoin however, has observed the most growth. Its price grew $4,000 this weekend alone. While this could be due to holiday bookkeeping, it’s the cherry on top of a bull run that has driven Bitcoin to over 300% of its early October value of $10,500.

Bitcoin
BTC
+3.02%$106,232.75
24H7D1M1YMAX
Created with Highcharts 10.3.3May​10May​12May​14May​16May​18May​20May​22May​24May​26May​28May​30Jun 1Jun 3Jun 5Jun 7Jun 9Ju…$100000$102500$105000$107500$110000$112500
Price data by
BTC price

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.