Ethereum was up around 4% on Monday morning to trade at around $4,130, according to CoinMarketCap data. It took the world’s second-largest cryptocurrency just one week to add nearly $1,000 to its value. The price of ethereum has more than quadrupled this year alone, outperforming its closest rival, bitcoin.
The latest rally boosted the digital asset’s market value to over $476 billion. That puts ethereum’s market capitalization almost on par with the largest US bank JP Morgan and higher than that of pharmaceutical giant Johnson & Johnson.
However, ethereum’s market value is still far behind bitcoin’s, which currently stands at $1.1 trillion.
Some analysts predict that the price of the world’s second-largest cryptocurrency may rise even more. According to market research firm FundStrat, ethereum may hit $10,000 this year, while bitcoin’s price could reach $100,000.
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