Ethereum Crosses Market Cap of PayPal
Ethereum, the world’s second-most valuable cryptocurrency, touched the market cap of $320 billion on Thursday after ETH registered an all-time high of nearly $2,750. Ethereum is now more valuable than payments giant PayPal Holdings.
According to the latest data published by Coinmarketcap, Ethereum is up by more than 11% in the last 7 days. The cryptocurrency jumped approximately 3% during the last 24 hours. The latest surge in the price of ETH came after a massive jump in retail and institutional demand for the cryptocurrency.
The overall market cap of PayPal Holdings currently stands at around $318 billion, which means that Ethereum has crossed the total market cap of PayPal. Binance Coin (BNB) and ETH surged significantly during the latest $200 billion crypto market recovery.
“Ethereum’s dormant tokens are moving rapidly to justify yet another All-Time High above $2,750 today. With many new ETH addresses being made and dormant tokens cycling rapidly, this is the youngest average investment we’ve seen since July 2018,” crypto analytics firm Santiment mentioned on Twitter.
Last week, Ethereum 2.0 deposit contract reached $9 billion in staked ETH. According to the latest data published by Etherscan, the deposit contract of ETH’s network upgrade now has more than 4 million ETH with a total value of approximately $11 billion.
Ethereum’s Institutional Inflows
CoinShares, one of the leading digital asset managers, recently published its weekly digital asset fund inflows report and highlighted significant growth in ETH-related institutional inflows. Ethereum investment products attracted $34 million last week as the total inflows into ETH investment products reached $792 million since the start of this year. The world’s second-most valuable digital currency is getting popular among institutional investors as several organizations around the world have started adding Ethereum to their balance sheets.
As of writing, Ethereum is trading near $2,710 with a total market cap of $315 billion. The total market dominance of ETH has reached 15.1%, its highest level in more than three years.