Ethereum Hits Four-Month High Against the Trend! Market Cap Surpasses China's Largest Bank
TradingKey – Fueled by the DeFi boom, Ethereum has independently climbed to a nearly four-month high, propelling its market capitalization to 37th place globally.
On Wednesday, June 12, Ethereum (ETH) defied Bitcoin (BTC)’s recent consolidation, gaining around 4% and breaking above $2,800. Early this morning, ETH reached a peak of $2,834, marking its highest level since February 24.
Ethereum Price Chart – Source: TradingView.
With Ethereum’s price rally, its market cap has surpassed $337.6 billion, briefly overtaking the Industrial and Commercial Bank of China (ICBC), according to data from 8marketcap.
Investor interest has surged alongside Ethereum’s price increase. Data from Coinglass shows that in the past 24 hours, Ethereum derivatives trading volume exceeded $110 billion, outpacing Bitcoin derivatives trading volume of $84.7 billion.
The sudden uptick in Ethereum trading activity is largely driven by bullish sentiment in the DeFi sector. Yesterday, the U.S. SEC chairman announced the development of an exemption framework for DeFi innovation, triggering a rally in tokens such as UNI, AAVE, and COMP. As the largest foundational infrastructure for DeFi, Ethereum has also benefited from this optimism.
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