Wednesday, May 5, 2021

Ethereum (ETH) Surpasses Platinum Market Cap, Approaching Top 30 Most Valuable Asset in the World

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.

Read Also: Here is Why Ethereum (ETH) Nodes Got Stuck after Berlin Hard Fork Implementation

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.

Read Also: Should Basic Attention Token (BAT) Move from Ethereum to Cardano? Gas Fees Issue Raises Concern

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.

Read Also: Anthony Scaramucci: Ethereum (ETH) Would Continue To Grow Because It Has Good Fundamental

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%.


Follow us on Twitter, Facebook, Telegram, and Download Our Android App

Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

Related Articles

Latest Articles