Ethereum, the second cryptocurrency by market cap, reached another milestone after a surge in price. Ethereum market cap hit $500billion for the first time.
Ether, the native coin of the Ethereum blockchain hits a new all time high on Monday, May 10.
The price retraced following a dip and traded below $4,000 before another rally on Wednesday which pushes the price to a new all time high of $4,346.
Following the dramatic increase in price is a massive increase in the valuation of the coin.
Ethereum is the second most valued cryptocurrency valued above $500billion in terms of market cap reaching $505billion.
Bitcoin, the leader of all cryptocurrency and the most valued cryptocurrency, hit a $500billion market cap in December, 2020.
Bitcoin was fully launched in January, 2009 while it hits a $500billion market cap in 2020 which is after 12years.
Ethereum on the other hand was launched in July, 2015 and hit $500billion for the first time in May 2021 which is 5years 10months.
In relation to bitcoin, it took ethereum half of the years it took bitcoin to hit the $500billion for the first time.
A Crypto analyst, Megan Kaspar, who is also the co-founder of digital asset investment firm, Magnetic made an analysis that ethereum price will reach $3,000 when tgs price was $1,200.
He has also made an analysis and believes that ethereum will trade between $8,000 and $10,000 by late 2021.
After breaking the $500billion in December, 2020, the price of bitcoin has not traded below $27,000.
Can ethereum maintain the pace and the bullish trend?
What if it does?
Do you have any ether through which you can benefit from the surge in price?
Implications of increased market cap
The market cap is the true measurement of world assets which helps in comparison among the assets.
A higher market cap indicates that the value of the cryptocurrency has increased and many investors are buying such cryptocurrency.
What happens when more people are buying?
I am sure you will not want to miss out on the next bull run.
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