Ethereum is Now the 33th Most Valuable Asset, Eclipsing Platinum
Ether (ETH) is nearing the top 30 list of assets that command maximum value in the world. The feat is near following yesterday’s rally that took it to a new all-time high of $2,741.78, as per data provided by CoinGecko.com, signaling strong underlying momentum.
At the time of writing this article, the number one altcoin was trading at $2,717, commanding a market cap of $313.80 billion.
Following the price rally, Ether has now taken the position of 33rd valuable asset in the world, quickly surpassing industrial and precious metal platinum, as per CompaniesMarketCap.com, a website focused on comparing market cap of assets.
The aggregate market cap of mined platinum is estimated to be roughly $303 billion based on the overall production of the commodity since 1900.
Using data provided by Johnson Matthey Technology Review and Statistica, CompaniesMarketCap.com assesses that 250 million ounces of platinum has been mined so far.
Even though platinum is the best performing precious metal in 2021, its value appreciation is miniscule compared to that of Ether and other cryptos. While gold and silver has recorded negative returns, the value of platinum has appreciated by 14% so far this year.
Ether could record fresh highs in the days ahead. There are six firms / assets whose market cap is within $35 billion from that of Ether’s and most of them are traditional industries.
With respect to overall performance, Ether has been exceptional. The smart contract supporting blockchain’s market cap has increased by more than 360% since January 1 against the backdrop of a robust bull market, rising adoption of decentralized finance and bullish sentiment towards upcoming Ethereum Improvement Proposals.
In recent times, the price of Ether appreciated on news that the European Investment Bank is preparing to issue a unique “digital bond” using the Ethereum blockchain network. The market dominance of Ether is also increasing. The crypto now accounts for 15.1% of the aggregate market cap of all digital assets. Bitcoin (BTC), in the meantime, has recorded a decline in the market dominance below 50%.