After holding the $135 level for most of the last week, ETH surged 13.8% in early trading Wednesday to $154.48 — giving the altcoin a $16.09 billion market cap. With this major move, Ethereum has officially overtaken XRP (XRP) in market cap to once again become the second largest cryptocurrency behind Bitcoin (BTC).
This marks the first time Ethereum has held the largest altcoin position since mid-November.
The most recent price prediction for Ethereum was made by Arthur Hayes, the CEO of BitMEX, who believes that ETH could quickly return to the $200 level once new ICOs start hitting the market. Hayes claims the timing of the ICO rebirth is still 12 to 18 months out, but the current price action suggests ETH might hit $200 far sooner.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.