Ethereum market cap has hit $ 500 billion for the first time amid a streak of new ATH, worth more than Visa
The entire crypto market bounced back after yesterday’s losses and the market cap hit another record at $ 2,550. Bitcoin recovered a substantial portion of the dumping yesterday after soaring above $ 57,000. Most altcoins that have followed suit, including Ethereum, have risen to another ATH. The most prominent is ETH when Ethereum’s market value has hit $ 500 billion for the first time amid a streak of new all-time highs.
ETH/USD 4-hour chart | Source: TradingView
Ethereum market cap has hit $ 500 billion for the first time amid a streak of new ATH
Red conquered the entire crypto market and losses come from all directions. Ethereum flies high from its ATH at the time of $ 4,200 to below $ 3,700 in the hour.
However, the situation has completely reversed since then. ETH is a valid example of this after not only recovering all of its losses but rising higher with its latest record just minutes ago at over $ 4,360. Despite a slight decline since then, the second-largest cryptocurrency is still up about 10% on a 24-hour scale. Another notable achievement is its market capitalization of $ 500 billion for the first time. It is currently worth more than the financial services giant Visa that started piloting transaction settlements in the USD Coin (USDC) stablecoin on the Ethereum blockchain last month.
Source: Coin360
Binance Coin also dropped sharply yesterday but pumped another 5% down to just $ 680. Ripple (5%), DOGE (34%), Cardano (8%), Polkadot (9%), and Litecoin (6%) are all trending up. However, Bitcoin Cash was the most significant gainer from the top 10 after gaining 15%. As a result, BCH trades above $ 1,500. The increase comes from EOS (45%), Polygon (40%), Yearn.Finance (37%), SushiSwap (24%), Reavain (20%), Aave (19%), Zcash (18%), OMG Network (17%), Kusama (16%), Waves (17%), etc.
Ultimately, the crypto market capitalization increased by more than $ 250 billion over two days and registered a new record at $ 2,560 trillion.
Bitcoin also felt the negative consequences of yesterday’s dumping market but similarly, most altcoins recovered at some point. Bitcoin has dropped from $ 59,600 to a low of around $ 54,000 in a matter of hours. Since then, however, the bulls have taken responsibility and disallow and continue to decline.
In contrast, BTC increased by around $ 4,000 in value to an intraday high of around $ 58,000. The asset has declined slightly since then but is still trading above $ 57,000. However, its dominance continues to fade and is falling to a new nearly 3-year low at 42.2%. For reference only, this is 72% higher at the beginning of 2021.
You can see the ETH price here.
Read more:
- There Is A Game-Changing Catalyst That Could Catapult Ethereum To Even Greater Heights, Will The Price Continue To Make A New ATH?
- Ethereum Price Surpassed The $4,000, Market Cap Swelled To $467 Million, Meaning That It’s On Track To Surpass JPMorgan Chase