Ethereum has reached a new high of $420 today at Coinbase, one of eth’s biggest ethereum exchange, with its market cap nearing $40 billion, an all time high.
The currency now stands very close to overtaking bitcoin’s market cap, with just $8 billion standing between them, in what may be an historical moment much sooner than anyone predicted.
Ethereum has risen some $70 since just yesterday, when it reached a new high of $350, following a bull-bear battle for $300.
The currency is experiencing an astonishing rise that has never been seen before in this space considering the speed, scale, and the sustainability of this bull market.
Bitcoin never lasted for more than days in any bull run. Ethereum has been going for months as a seismic shift appears to be underway.
The reasons for the rise are numerous, but it might be China that’s done it. Eth’s price is higher there now than even in South Korea which has been very bullish all spring.
China may be very bullish because some big news regarding eth have come from there and more are expected to come. A senior director at PBoC seemingly gave a very warm impression regarding ethereum, calling it the platform of artificial intelligence, as well as stating it might overtake bitcoin’s market cap.
A Global Blockchain Conference is to begin in China on the 14th where some more new members of the ethereum alliance are expected to be announced.
We do not yet quite know who that may be, but Ant Financial is seemingly testing Ethereum, with PBoC’s Mint seeing whether Yuan can be tokenized through ethereum’s blockchain.
That’s given fuel and speed to ethereum, which already had plenty of momentum, with the rocket now very much launched.