The bullish fervor surrounding Ethereum (ETH) intensified on Wednesday, when the second largest cryptocurrency in three years exceeded $1200 for the first time. The profits were largely driven by a combination of fundamental factors including the parabolic Bitcoin rally, ETH futures predictions and the growing DeFi sector.
The ether value peaked at $1,223.84 on Bitstamp, the highest since January 2018, just before the market peak. During the press, ETH rose by 8% and reached a value just above $1,210. Over the past week, cryptocurrency grew by more than 60%, reaching a total market cap of $135 billion.
At the current rate, Ethereum looks set to beat its previous record of $1,432.88, probably within the next few days.
