Ethereum Reaches Record High $500 Billion Market Cap, Now Bigger Than JPMorgan

Dip-buyers have charged in after Monday's flash-crash in cryptos, sending Ethereum to a new record high near $4400...

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Source: Bloomberg

That has pushed Ethereum's market cap above $500 billion, now larger than JPMorgan...

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Source: 8marketcap.com

As CoinTelegraph reports, Ether is the second cryptocurrency to hit a $500-billion market cap after Bitcoin. Ether took significantly less time to become a half-a-trillion-dollar asset

Launched in January 2009, Bitcoin took nearly 12 years to reach a $500-billion market capitalization in December 2020 at a price above $27,000. As the first version of an Ethereum cryptocurrency protocol was launched in July 2015, Ether is now five years and 10 months old.

As previously reported by Cointelegraph, Ethereum co-founder Vitalik Buterin became a billionaire after Ether’s price rose above $3,000 on May 3. Megan Kaspar, a crypto analyst and co-founder of digital asset investment firm Magnetic, believes that Ether is now on track to hit a price target between $8,000 and $10,000 by late 2021. The analyst previously reportedly predicted that ETH would hit $3,400 when the cryptocurrency was trading about $1,200.

Bitcoin is lower on the day, driving the ETH/BTC ratio to its highest since June 2018...

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Source: Bloomberg

It is also worth noting the sudden appearance of "Internet Computer" which was released Monday and is now in the Top 10 cryptocurrencies by market cap...

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Source: CoinMarketCap.com

A quick look into the token’s issuing authority, Internet Computer, described it as a “blockchain-based cloud computing project” that proposes to build an open, public network. But the biggest takeaway for traders was the involvement of high-profile institutional players in the project. As CoinTelegraph reports, in retrospect, Dfinity aims to develop a blockchain-based infrastructure, one in which the internet itself supports software applications instead of cloud hosting providers.

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Adam Reynolds 1 month ago Member's comment

Good, never liked $JPM!