Ethereum price breaks $340 for first time since June 2019

The price of Ethereum (ETH) has just broken the $340 threshold after pumping by more than eight percent in the last 24 hours.

Ethereum currently sits at a value of $342.60, up from $317.40 this time yesterday. The recent move pushes Ethereum’s market capitalization up to over $38 billion, which is its high value since June 2019.

Right now, Ethereum is the best performing cryptocurrency in the top 10 by market cap—eclipsing the two percent gained by Bitcoin (BTC), 3.4% gained by Bitcoin Cash (BCH), and 4.3% gained by Litecoin (LTC) in the last day.

The cryptocurrency has now been on a strong uptrend since March and has climbed up to its current value after touching a low of $106.12 in mid-March. From trough to peak this year, the price of Ethereum is now up 223%. Scaling further back, Ethereum is up 162.6% year-to-date (YTD), making it one of the strongest performers in 2020 so far.

Despite its growth, Ethereum still has some way to go before it even approaches its all-time highest value of $1,431.77 achieved in January 2018. Overall, Ethereum is still down more than 75% from its ATH.

BTC/ETH chart by TradingView
BTC/ETH chart by TradingView

Though Bitcoin has also experienced solid growth in recent months, Ethereum has been gaining against the number one cryptocurrency for most of 2020. Ethereum briefly touched its highest relative value of 2020 at 0.0315 BTC/ETH earlier today, but currently sits at a value of 0.0308 BTC/ETH. Ethereum has now been outperforming Bitcoin for more than two months.

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

 

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