Cryptocurrency Ether’s Market Cap Crosses $500bln
Ether (ETH), the native crypto of Ethereum blockchain and the numero uno altcoin in terms of market cap, has reached another landmark against the backdrop of the current uptrend. Earlier today, the price of Ether hit another all-time peak of $4,324 as per CoinGecko.com.
Following the rise, Ether’s market cap stood above $500 billion for a short-span of time, hitting a high of $505 billion. While writing this article, Ether was trading at $4,279.40, reflecting a gain of 7.2% in the last 24hours. In the last seven day, Ether has gained over 30%.
The latest landmark reflects Ether’s continuing sharp rally after it eclipsed the $4,000 price level for the foremost time in its history. Soon after the parabolic rise, Ether has become bigger than payments giant Visa or top investment bank JPMorgan with respect to market cap.
While writing this article, Visa’s market valuation adds up to $481 billion, while JP Morgan’s market cap is $488 billion, as per data provided by finance focused website MarketWatch.
Notably, Ether is the second crypto to record a $500 billion market cap after Bitcoin. Ether needed considerably less time period to transform into a half-a-trillion-dollar asset. Unveiled in January 2009, Bitcoin needed almost 12 years to hit a $500 billion market cap in December 2020 when it hit a level of $27,000. As the foremost version of an Ethereum crypto covenant rolled out in July 2015, Ether has been in existence for five years and 10 months.
Ethereum co-founder Vitalik Buterin has turned into a billionaire after the price of Ether crossed over $3,000 on May 3. Megan Kaspar, a cryptocurrency analyst and co-founder of cryptocurrency investment company Magnetic, trusts that Ether is on course to hit a price level of between $8,000 and $10,000 by the end of 2021. The analyst has earlier forecast that Ether would reach $3,400 when the crypto was trading at about $1,200.