The price of Ethereum has hit a year-to-date high. At press time, the second largest crypto in the market posts a growth of 7.52% over the past 24 hours to reach $342.07. It must be noted the last time the cryptocurrency exceeded this level was back in June 2019, when Ethereum reached $360.
Ethereum's annual growth has overtaken that of Bitcoin. So far this year, the price of the altcoin has surged by 160%, while the cumulative growth of the market's largest crypto is 52%.
However, large investors still prefer Bitcoin. Over the past few days, the number of wallets with a balance of at least $1M in Bitcoins has jumped by 38% to 18,000.
Among other reasons, the increase in the price of Ethereum is related to increased activity in the decentralized finance sector (DeFi), as a large number of projects are based on the Ethereum blockchain. In addition, the incoming launch of the Ethereum 2.0 might also have something to do with the current upturn.
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