Ethereum Prices Goes Above $250 for First Time Since February 24

Around 23:30 UTC on Monday (June 1), the price of Etheruem (ETH), the second-most valuable cryptoasset (by market cap), broke through the $250 resistance level — on crypto exchange Coinbase — for the first time since February 24, as you can see in the six-month ETH-USD price chart for Coinbase:

According to data by CryptoCompare, Ethereum’s move above the $250 level took place at 23:30 UTC (or 19:30 EDT) on June 1, i.e. approximately 40 minutes after President Trump finished delivering his “law and order” speech from the White House’s Rose Garden.

Yesterday, Vitalik Buterin, the Russian-Canadian programmer who is a co-creator of Ethereum, tweeted about how Ethereum’s “layer 2 scaling strategy” had “basically succeeded”:

While everyone wasn’t looking, the initial deployment of ethereum’s layer 2 scaling strategy has *basically* succeeded. What’s left is refinement and deployment. A thread: https://t.co/30Dfr9XmFs

— vitalik.eth (@VitalikButerin) June 1, 2020

And earlier today, cryptoasset data provider CryptoCompare commented on how Ethereum has outperformed Bitcoin during the past one-month period:

All eyes are on #bitcoin as it recently surged above the $10,000 as protests in cities throughout the U.S. continue to intensify. Surprisingly $ETH outperformed $BTC over the last 30 days, as bullish sentiment grows.

Which one are you betting on? pic.twitter.com/zcl45guVGr

— CryptoCompare (@CryptoCompare) June 2, 2020