While the attention of the world has been largely fixated on Bitcoin, the world’s biggest cryptocurrency by market cap, Ethereum has quietly managed to go past its previous high. Grayscale Ethereum Trust (ETH) (OTCMKTS: ETHE) might be a good ETF to track this week.
Ethereum is the world’s second-biggest cryptocurrency by market cap and yesterday, it touched almost $2200 per token following a wider rally in the cryptocurrency market. It is a new all-time high for Ethereum and it is likely that such a state of affairs is going to bring more attention from investors.
In this regard, it is also necessary to point out that Ethereum has largely been following the trajectory that is being followed by Bitcoin. That, in turn, has resulted in the price action pretty much mirroring that of Bitcoin. For instance, Bitcoin had recently been able to go past the $60,000 resistance level and it was the same with Ethereum as it finally went past a resistance level and managed to hit its all-time high.