Ethereum (ETH) price has catapulted another 5% today hitting its new all-time high above $4150. At press time, ETH is trading 5.92% up at $4153 with a market cap of $477 billion. As Ethereum skyrockets past $4000, a massive number of short positions have been liquidated across exchanges.
As CryptoQuant reports, over $15 million worth of ETH short positions were liquidated across derivative exchanges.
$ETH hourly short liquidations across all derivative exchanges hit a year high.
(Note: This data only includes ETH/USDT, ETH/USD perpetual futures contracts.) pic.twitter.com/dPWyN0TArD
— CryptoQuant.com (@cryptoquant_com) May 10, 2021
Etherum has been on an unstoppable rally since the beginning of the year. At its current price, ETH’s year-to-date gains stand more than 450%. Over the last week, Ethereum has gained over 30% hitting new all-time highs every consecutive day.
As CoinGape reported, this parabolic ETH price rally comes amid massive interest from U.S. institutional buyers. The Coinbase Premium has been shooting high alone with its price over the last week.
Q: What’s behind this $ETH parabolic move?
A: US (institutional) investors. https://t.co/4CvbSrF4tt pic.twitter.com/S24Dty4b0i
— Ki Young Ju 주기영 (@ki_young_ju) May 10, 2021
Demand for the Ethereum (ETH) derivative products has also shot up in recent times! Last Friday, VanEck filed for the first U.S. Ether ETF amid rising institutional demand. Besides, Canada’s Purpose Ether ETF and the CI Galaxy Ethereum have been doing massive accumulations since their launch last month.
Bitcoin vs Ethereum
With today’s new all-time high, Ethereum has extended its crypto market domination beyond 19.1% while Bitcoin’s has slipped under 44%. ever since the market crash of March 2020, Ethereum (ETH) has dominated BTC’s performance till now.
Moreover, in 2021, ETH has further extended its lead. While Bitcoin is standing at 100% gains year-to-date, Ethereum has given 4.5 times more with 450% gains YTD. The Ethereum price rally also comes on the backdrop of solid fundamentals – reducing exchange supply, larger DeFi deposits, growing ETH 2.0 deposits, reducing gas fees, and much more.
The upcoming Ethereum EIP-1559 protocol upgrade will further reduce the ETH supply in circulation. Market analysts are already anticipating that the ETH price will surge to $10,000 by the end of this year. Here are the top-ten fundamental reasons why this shall happen.