Thursday, June 17, 2021

Last Quarter, Ethereum Settled $1.5 Trillion While PayPal Settled $936 Billion Throughout 2020

It is becoming obvious that the cryptocurrencies, such as Bitcoin and Ethereum, have started challenging the supremacy of the traditional payments world, due to the increase in the number of users and boost in relation to global adoption.

At least for now, institutions are beginning to see that the future lies in crypto, making them join the bandwagon at the early stage.

Read Also: 400,000 ETH Worth Over $800 Million Left Coinbase. Surge in Institutional Demand for ETH?

Ethereum (ETH) Tops PayPal Significantly in Terms Of Total Transactions In 2020

According to Spencer Noon, an investor at VariantFund, since 2020, Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has been topping the payment giant PayPal in terms of the amount settled.

Going by Noon’s account on Twitter, throughout 2020, PayPal managed to settle $936 billion in payments, while Ethereum (ETH) settled $1.5 trillion in transactions in just the last quarter of the same year.

The popular crypto investor also revealed that the significant growth is also reflecting on the market capitalization of the leading smart contracts platform. According to Spencer Noon, the PayPal market cap currently stands at $310 billion, while Ethereum (ETH) that has a lot of room to improve, considering its surging trend lately, currently stands at $263 billion based on current prices.

Read Also: Ethereum Developer Shows How ETH 2.0’s PoS Would Save ETH Holders Tens of Billions per Year

Spencer Noon tweeted, “PayPal settled $936 billion in payments last year Ethereum settled $1.5 trillion in transactions just last quarter. This figure is also growing exponentially. PayPal marketcap is $310 billion ETH marketcap is $263 billion.”

Read Also: Coinbase Says Institutional Investors Are Increasingly Spending Money on Ethereum (ETH)

Ethereum (ETH) in the Market

The market trend of Bitcoin (BTC) has been slowing down the trend of cryptocurrencies, including Ethereum (ETH), as the flagship cryptocurrency continues to undergo a sideways trend.

In terms of price performance, Ethereum has been outperforming Bitcoin over the last few days. At the time of filing this report, ETH is trading at $2,357.67, with a 0.73% price upsurge in the last 24 hours.

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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