Ethereum has seen a recent price surge due to the announcement of the Enterprise Ethereum Alliance, as well as a sustained uptrend in cryptocurrencys in general. Bitcoin has also recently set new All-Time-High’s (ATH’s) on two occasions, recently trading as high as $1236.98 on the Bitfinex exchange.
While Ethereum is still well short of its ATH in price, which was set at $22 on the GDAX exchange back in June of 2016, it is close to surpassing its market-cap ATH of ~$1.575 Billion, also set in June of last year. Recently the Ethereum market-cap has been as high as $1,552,390,495 as of this writing, meaning another small upward spike in price will surpass the old high.
This is possible because a coins market cap is simply determined by the formula coin supply * market price. So while the market price is lower than it was back in June of last year, the overall Ethereum coin supply has increased since then due to mining.
Currently the Ethereum market-cap is $25 million shy of its ATH, meaning with 89,357,530 ETH available, the market price will only need to rise another $0.28 to reach the old record. Currently Ethereum is trading at $17.40, meaning the price would need to reach about $17.68 to reach this milestone.
Speculation is running strong in the current environment, and baring any unexpected news sending everything crashing, many people are expecting Ethereum to reach back into the $20 range within the next 30 days.