How Layer 2 Is Primed To Solve Scalability Issues of Ethereum before the Launch of ETH 2.0
AI Trading

For the past couple of days, Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has been showcasing a magnificent price trend against Bitcoin (BTC).

This positive trend and Bitcoin’s lethargic growth have drastically reduced the market dominance of the flagship digital currency.

Read Also: Vitalik Buterin donates about $600,000 in ETH and MKR towards India’s COVID-19 Relief

A couple of hours ago, Ethereum (ETH) hit a new price all-time high of $2,800 for the first time on the Bitstamp exchange.

AI Trading

Ethereum (ETH) Market Capitalization Surpasses PayPal’s

According to CoinMarketCap, Ethereum (ETH) is trading at $2,751 at the time of press, with a market cap of $319.7 billion. This implies that Ethereum is now bigger than the payments giant PayPal in terms of market valuation.

Going by the data provided by CompaniesMarketCap, the total market capitalization of the payments giant currently stands at $314.52 billion. This indicates that the largest altcoin has just attained a significant milestone.

Ethereum is now on the verge of scoring its seventh month in the green following the 45% price increase recorded in April so far. Obviously, there is still a large room for ETH to keep experiencing a similar positive trend.

On the other hand, Bitcoin (BTC) continues to trend sideways as Ethereum prints new price milestones, which brings the market dominance of the first and largest cryptocurrency below 50%.

Read Also: Crypto Analyst Luke Martin Names Altcoins That Would Outperform Bitcoin (BTC) In 2021

JPMorgan Says Ethereum (ETH) Could Outperform Bitcoin (BTC)

American banking giant, JPMorgan, has averred that Ethereum should outperform Bitcoin in the long run since it’s capable of capturing a share of the emerging crypto-native economy.

JPMorgan noted:

“Bitcoin (BTC) is more of a crypto commodity than currency and competes with gold as a store of value, whereas ETH is the backbone of the crypto-native economy and therefore functions more as a medium of exchange.”

Nevertheless, the banking giant stated that the flagship cryptocurrency has managed to weather the decentralized finance (DeFi) boom, which took the advantage of the slow growth of the total value locked in various crypto projects.

According to JPMorgan, Ethereum’s spot market depth recovered faster from the recent selloff compared to Bitcoin (BTC).

Read Also: Ethereum Booms in Anticipation for the Launch of ETH Futures By CME Group

The banking giant also mentioned DeFi and other parts of the flourishing Ethereum economy as the driving force of the digital token in terms of price:

“In combination with the continued growth for DeFi and other components of the Ethereum-based economy, this suggests some technical but occasionally important bullish tailwinds versus bitcoin.”

In conclusion, the Ethereum community should remember that the EIP-1559 is coming, as it’s also expected to enhance the bullishness of the digital token ETH.

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

AI Trading produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.