ETH, the native token of the leading smart contracts platform, Ethereum, continues to maintain its meteoric surging trend, beating records and surpassing notable values in its quest to prove that it’s capable of overthrowing the flagship cryptocurrency, Bitcoin (BTC).
Ethereum (ETH) Surpasses $500 Billion for the First Time in History
Ethereum (ETH) continues to hit milestones in terms of market capitalization as its price increases. A few hours ago, Ethereum surpassed the $500 billion market cap for the first time in history after its price surged to record a new all-time high of $4,351 at 3:55 a.m. UTC.
In the course of the notable price surge, Ethereum was able to attain a local peak of $504 billion.
Ethereum (ETH) Now Worth More than Visa
Due to the newly recorded price milestone, Ethereum is now bigger than the financial services giant, Visa, which started facilitating transactions in USD Coin (USDC) on the Ethereum blockchain a couple of weeks ago.
According to CompaniesMarketCap, Visa’s market capitalization currently stands at $496.13 billion, which is billions of dollars away from Ethereum’s recent peak.
Due to this notable price surge since the beginning of the year, it’s worthy of note that Ethereum is now bigger than a number of companies and assets such as Johnson & Johnson, Walmart, Mastercard, NVIDIA, Bank of America, PayPal, among others.
Palladium with a market capitalization of $518.87 billion is now the next asset for Ethereum (ETH) to beat, which could play out as soon as possible, considering the current positive price trend of the top cryptocurrency.
Ethereum Continues To Reduce Bitcoin’s Dominance
The renewed rally showcased by Ethereum (ETH) continues to crush the dominance of Bitcoin (BTC) in the market.
According to CoinMarketCap, the market share of Bitcoin has now plunged to 42% from relatively 74% in early January, thanks to the consistency of Ethereum’s price upside trend.
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