Ethereum (ETH) has recently achieved a significant milestone by reaching a new all-time high of $3,772 per coin against the U.S. dollar on the Deribit exchange. This surge in price represents a continued upward trend for the cryptocurrency, with its dominance in the overall crypto market also on the rise. Just three days ago, Ethereum held a share of 10.9% in the $3.9 trillion crypto market, which has now increased to 11.6% as of the latest data, reflecting a market capitalization of $452.66 billion.

The latest surge in Ethereum's price can be attributed to a variety of factors, including increased interest and investment in the cryptocurrency from both retail and institutional investors. Ethereum's strong fundamentals, such as its robust blockchain technology and growing decentralized finance (DeFi) ecosystem, have also contributed to its recent price rally.

Traders and investors are showing a growing confidence in Ethereum's future potential, with many choosing to go all-in on the cryptocurrency amid its bullish momentum. The positive sentiment surrounding Ethereum is further fueled by the upcoming EIP-1559 upgrade, scheduled to be implemented in July as part of the London hard fork. This upgrade aims to improve the network's scalability and transaction fee mechanism, which could potentially make Ethereum more efficient and secure.

In addition to the EIP-1559 upgrade, Ethereum is also preparing for the transition to a proof-of-stake consensus mechanism through the Ethereum 2.0 upgrade. This shift is expected to address the network's scalability issues and reduce its environmental impact by moving away from the energy-intensive proof-of-work model currently used by Ethereum.

The growing adoption of Ethereum for various use cases, including DeFi, non-fungible tokens (NFTs), and decentralized applications (dApps), is also contributing to its increasing value and market dominance. Ethereum's versatility and functionality have made it a preferred platform for developers and users looking to leverage blockchain technology for a wide range of applications.

As Ethereum continues to make new highs and solidify its position as a key player in the crypto market, analysts and market observers are closely monitoring its performance and potential for further growth. With the ongoing developments and upgrades in the Ethereum ecosystem, the cryptocurrency is poised to remain a top contender in the digital asset space, attracting more investors and users seeking to benefit from its innovative technology and promising future prospects.

Source: https://news.bitcoin.com/ethereum-rockets-past-3-7k-as-options-traders-eye-12k-moonshot-bets/