On April 29, Ethereum’s price (ETH) hit a new all-time high of almost $2,800 for the first time, as indicated by data from CoinGecko. With Ethereum charting new all-time highs, its cumulative market cap tops $321 billion for the first time.
Ethereum Market Cap Overtakes PayPal
The second-largest cryptocurrency by market capitalization has seen significant gains this week in comparison to the rest of the crypto assets.
With its current valuation of around $2,777, Ether’s total market capitalization now stands at $321 billion.
Ethereum (ETH) is now approaching the top 30 most valuable assets in the world following its latest price breakthrough. This indicates that the blockchain network is in the midst of a bull market.
With the ongoing gain, Ethereum is now the 32nd most valuable asset in the world, overtaking both the precious metal platinum and online payment giant PayPal, according to CompaniesMarketCap.com.
The blockchain network is now worth more than PayPal after touching the price mark of $2,800 and has even exceeded that of mined platinum.
The total market capitalization of PayPal is currently estimated at around $314 billion while that of mined Platinum stands at around $301 billion.
Ethereum Outperforming Even Bitcoin
In terms of the overall market performance, Ethereum had a good price-performance this year. The leading altcoin and the second-largest cryptocurrency by market cap has gained over 360% since Jan. 1
Ethereum’s market dominance is also growing. The cryptocurrency now represents 15.1% of the overall market for digital assets. Meanwhile, Bitcoin (BTC) has seen its dominance fall below 50% and continues to hover just above $1 trillion.
Over the past 24 hours, 1.45 million Ethereum transactions were processed, while only 289,613 BTC transactions were confirmed.
Earlier this week, BTC’s median fee to get into the next block stood at around $14.31 per transaction, while ETH’s median fee is only $5.89 per send.
On the back of Ethereum’s strong bull market stands the growing decentralized finance, and optimism about forthcoming Ethereum Improvement Proposals, non-fungible tokens (NFTs), and other components.