By Tobi Loba
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has been surging better than Bitcoin (BTC) over the past couple of days, in terms of price.
A couple of hours ago, the price of the digital currency surged to record a new all-time high at $2,741. At the time of writing, ETH is trading around $2,730, making its current market capitalization stand around $315 billion.
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Thanks to the current positive trend, the digital currency is now on the verge of joining the league of the top 30 most valuable assets in the world.
Ethereum (ETH) Surpasses Platinum Market Capitalization
According to CompaniesMarketCap.com, Ethereum (ETH) is now the 33rd most valuable asset in the world, beating the record of the precious metal Platinum.
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Based on Cointelegraph report, the total market capitalization of mined platinum currently stands at $303 billion. This is derived from an analysis of Platinum’s cumulative production since 1900.
Year-to-date, Platinum has outperformed other precious metals, including gold and silver, but can’t match the performance of Ethereum (ETH) and other top cryptocurrencies.
With the look of things, Ethereum is in the middle of an uncommon bull run. Even Bitcoin (BTC), the largest cryptocurrency by market capitalization, is not close to ETH’s surging trend year-to-date. So, more challenging hurdles are expected to bow for the digital currency on its way to attain new milestones.
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Since the first day of this year, Ethereum (ETH) has gained over 350% in terms of price amidst the vast increase in the adoption of decentralized finance (DeFi) and the hope of seeing a drastic reduction in gas fees through the much-awaited implementation of EIP-1559.
The current positive price trend ETH has also reduced Bitcoin’s market dominance drastically. Ethereum now represents about 15% of the crypto market, while Bitcoin manages 50%.
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