Ethereum Reaches $5k AUD

Monday 10 May 2021, 9:30 AM AEST - 1 month ago

Ethereum (ETH) price hit $5,000 AUD during the weekend, just inches away from $4,000 USD ($5,099 AUD).

ETH/USD. Source: TradingView

ETH is one of the top cryptos having recorded significant gains in recent weeks, next to Cardano (ADA) and Binance Coin (BNB).

Top 5 cryptos by market cap on 10 May 2021
Top 5 cryptos by market cap on 10 May 2021

Altcoins Breaking Records

While BTC faces tough resistance, the altcoin market has been mostly bullish this weekend, with Ethereum achieving a new all-time high of $3,980 USD, maintaining a steady level between $3,800 – $3,900 USD.

Weekly Market Overview: Quantify Crypto

Another great gainer was ADA, reached a new all-time high with a 14% gain after a sharp price drop, being traded at around $1.83 on many exchanges. The surge in price put ADA back on the fifth spot in the market according to CoinMarketCap, taking the spot of Tether (USDT). Now ADA seems to be aiming at testing the $2 psychological barrier if the bull run continues.

BNB gained over 10% in price in the last weeks, reaching $659 USD with a strong buying sentiment. If the bull run continues, the next target for BNB could be above $800 USD.

ETH vs BTC

After falling down to around $49k USD amid hashrate drops due to blackouts in China, Bitcoin recovered some of its market dominance, reaching $75k AUD on Saturday.

However, BTC failed to keep its upword trajectory, receeding to $72k AUD as the weekend trails away. At the time of writing, its price is hovering around $74k AUD.

Crypto Market Locking US$2.4 Trillion

Crypto Total Market Capitalization, 10 May 2021 [CoinMarketCap]
Crypto Total Market Capitalization, 10 May 2021 [CoinMarketCap]

The total market cap added $60 billion this weekend, now sitting on a $2.46 trillion total market cap. The crypto market could experience a considerable boost if Citibank decides to add crypto-related services to its clients after seeing massive demand for crypto assets.

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