Ethereum (ETH) Soars Above $4,000 to Print Fresh Record Highs

May 10, 2021 6:21 AM EDT

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Ethereum (ETH) price has added a further 5% to its value to travel north of $4,000 for the first time ever as the one-way price action continues. According to Coinbase data, ETH price traded at $4,174 overnight to mark a new record high for the world’s second-largest cryptocurrency.

This way, the buyers have continued to push the price action higher after gaining more than 33% last week to mark the best week since December last year.

"It's more than just a coin. It's a whole ecosystem that allows other applications to be built," said Bradley Kam, chief executive officer of blockchain domain provider, Unstoppable Domains.

The rise in Ethereum price has been closely associated with the rising popularity of the decentralized finance (DeFi) sector, but industry experts are also cautious about this trend.

"DeFi is destined for meteoric growth, but that growth inherently comes with risk. Issues such as failed transactions and front-running are not subtle, costing users millions of dollars every day," said Alex Wearn, chief executive officer at crypto exchange IDEX.

"These major ... problems limit the appeal of these products for a wider audience and ultimately hinder the ecosystem's growth."

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