The world’s second-leading crypto asset in terms of market valuation, ethereum, has seen significant gains during the last few days. Over the last 24 hours, ether values have jumped over 5% and during the course of the last week, ether has gained 11.8%. The crypto asset’s $417 billion market cap represents 18.9% of the $2.21 trillion crypto economy.

Ethereum Prices Jump Close to 40% in 30 Days

All eyes have been on ethereum (ETH) during the last few days as prices continue to climb higher. On September 1, 2021, ETH prices tapped a high of $3,563 per unit gaining more than 5% in value over the last day.

Two-week statistics show ether has jumped 18.1% and 39% during the last month. At the time of writing, the crypto asset ETH’s market cap is $417.5 billion which has increased ETH’s market dominance to 18.9% while bitcoin (BTC) dominance has slid to 40%.

Ethereum's Crypto Economy Dominance Nears 20% as Ether Prices Rocket to New Heights
ETH/USD chart recorded on September 1, 2021.

Out of the $158.5 billion in global trade volume across all the coins in existence, ether trade volume during the last 24 hours is around $34.4 billion on Wednesday. Ether’s top trading pair on Wednesday is tether (USDT) as the stablecoin commands 52.6% of all ETH trades.

This is followed by USD (14.84%), BTC (12.48%), BUSD (6.59%), EUR (2.90%), and KRW (2.32%) ether trading pairs. Currently, ETH has a circulating supply of 117,343,977 ether and 97% of current ETH holders are profitable. Intotheblock statistics show the concentration of large ETH holders today is 42%.about:blank

Over $500 Million Ether Burned To-Date

Today’s price correlation with Bitcoin is lower than usual and Intotheblock statistics show it is around 0.93. While 62% of ether holders have held ETH for a year or more, 31% hold for less than a year. As far as transactions greater than $100K over the past seven days, there’s been an aggregate total of $100K transactions adding up to $95.66 billion.

Dune Analytics data indicates that as of September 1, 2021, more than $500 million in ether has been burned via EIP-1559. That’s approximately 156,960 ETH burned at the time of writing. ETH has accelerated through the $3,500 zone and there’s heavier resistance at $3,600-$3,700 per unit. The Moving Average Convergence-Divergence indicator (MACD) hourly shows ETH/USD is looking more bullish and the hourly Relative Strength Index (RSI) has jumped above 50.

At the time of writing, ETH is changing hands just above the $3,500 per unit zone and is down 18.5% from the coin’s all-time high (ATH). On May 12, 2021 (four months ago) ether reached a value of $4,356.99 per unit. However, ethereum (ETH) is up a whopping 819,810.2% since the crypto asset’s low on October 20, 2015, at $0.432979 per ether (six years ago). SOURCE Ethereum’s Crypto Economy Dominance Nears 20% as Ether Prices Rocket to Fresh Highs – Markets and Prices Bitcoin News

By block head

Block Head is a blockchain journalist.