The price of ethereum, the second-largest crypto asset in terms of market valuation, touched an all-time high (ATH) on Monday, capturing $4,246 per unit. Ethereum has been on a tear during the last year against the U.S. dollar, gaining a whopping 2,129% in 12 months.
Ethereum Captures Fresh Price Highs, ‘Flippening’ Begins to Trend
Ethereum (ETH) reached a new ATH this Monday, tapping $4,246 per ether. ETH is up over 6% during the last 24 hours and 21.9% over the course of the week. Against bitcoin (BTC), ETH is up 19% during the course of the last seven days. 30-day stats shows ETH is up 96% and 90-day data shows ether is up 136%.
Ethereum’s price rise has been dragging bitcoin’s (BTC) leading dominance down a great deal, as BTC only commands 43% today. ETH dominance is 19.6% and it’s been rising higher as each day passes. Data shows that reported volume for ETH is around $54.7 billion, while “real volume” stats from Messari indicates volume could be around $12.2 billion.
Since ETH dominance has risen significantly, crypto enthusiasts believe the crypto-asset could possibly flip BTC. The term “flippening” is trending on Twitter and a number of people are assessing the possibility of ETH dominating BTC.
“Maxis catching up on reality,” one person tweeted on Monday. “We are now just a little over 2x away. The flippening might indeed take a lot less than 5 years,” he added.
Ethereum Onchain Data Continues to Outpace Bitcoin, $85 Billion Locked in Defi
Data also shows that ETH is processing more transactions and settling more money than BTC in recent months. Holders making money at the current price is 100%, according to Into the Block data. Concentration of large ETH holders is 41% and correlation with BTC is only 0.09% on Monday afternoon. Transaction demographics between the east and west is 50/50 for Ethereum today, and 1-year holders composition by time held is 57%.
The total-locked value (TVL) in decentralized finance (defi) right now is more than $85 billion and a great majority of defi money leverages the ETH chain. Further, large sums of funds are frequently moving on the Ethereum network, as the past seven days of $100k transactions saw a massive $303 billion settled last week.
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