Ether capitalization exceeded $ 500 billion at a rate of $ 4370. This mark became the next historical maximum of the ether, but after reaching it, it immediately went into correction.
Over the past day, ETH has grown by more than 6.4%, and over the past seven days it has shown an increase of about 30%. As a result of such a surge in the exchange rate, the capitalization of ether crossed the “round mark”, reaching $ 505 billion. This figure exceeded the exchange value of the payment giant Visa – today its market capitalization is $ 481 billion. Ether also managed to overtake the largest American bank JPMorgan, which costs about $ 488 billion
Compared to Bitcoin, it took Ether much less time to take up such positions. Bitcoin was launched in January 2009, and its market capitalization reached $ 500 billion only 12 years later. This happened in December 2020, when Bitcoin was trading for about $ 27,000. Considering that Ether was launched in July 2015, it managed to achieve such a market capitalization in five years and 10 months. However, it is much easier to follow the beaten track. Some coins “get” capitalization of tens of billions of dollars already at the start of trading – for example, this was the case with ICP this week.
The rapid growth of ether is facilitated by the expectation of a full-fledged deployment of Ethereum 2.0, which implies a transition from the Proof-of-Work consensus algorithm to Proof-of-Stake. This can further strengthen the position of Ether in the market. Recall that in early May, the ether rate for the first time exceeded $ 3,000. After that, the co-founder of the project, Vitalik Buterin, became one of the youngest cryptocurrency billionaires. The value of the ethers owned by Buterin at that time exceeded $ 1.1 billion.
Cryptocurrency analyst and co-founder of the investment firm Magnetic, Megan Kaspar, believes this is just the beginning and ETH will continue to rise. He suggested that by the end of 2021, ether will be traded in the range of $ 8,000 – $ 10,000. Kaspar’s predictions for the second cryptocurrency have already come true. He had previously predicted that Ether would double when it was around $ 1200. JPMorgan analysts are also confident about the outlook for ether. They believe that this cryptocurrency has every chance of shifting bitcoin to the second place in terms of market capitalization.
