Ether breaks $500 billion market cap for first time
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Ether breaks $500 billion market cap for first time

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Ether, the cryptocurrency native to the Ethereum blockchain, has broken the $500 billion market cap for the first time, according to data from CoinMarketCap.com. The cryptocurrency, which is the second-largest by market cap behind bitcoin, has seen its price increase by more than 150% in the past month alone. Ether’s total market cap now sits at $515 billion, and it is up from just $18 billion at the beginning of the year.

The cryptocurrency Ether has just broken its own all-time record, gaining more than 40 percent in just over a week to reach a new high of over $485, bringing its total value to over $500 billion. The digital token was created as a platform for decentralized applications (DApps), and has been adopted by startups as a way to fund their projects on the blockchain.

Ether (ETH), the second most valuable cryptocurrency after Bitcoin (BTC), has taken a big step forward amid a sustained price rally.

According to CoinMarketCap, the price of Ether was at 12. May set a new record and rose to $4,346. Ether’s market capitalization briefly exceeded $500 billion, to nearly $505 billion on Wednesday.

The new milestone marks a continuation of Ether’s strong rise, after ETH made a new high on the 10th. May broke the $4,000 mark for the first time. At the time of writing, ETH is trading at $4,317, up more than 6.4% in the past 24 hours and about 30% in the past seven days.

24-hour chart of Ether’s market capitalization. Source: CoinMarketCap

After a parabolic rise, Ether is now bigger in terms of market capitalisation than payments giant Visa or major investment bank JPMorgan. At the time of publication, Visa has a market valuation of $481 billion, while JPMorgan has a market capitalization of $488 billion, according to financial news site MarketWatch.

Ether is the second largest crypto currency after Bitcoin and has reached a market value of $500 billion. It took much less time for Ether to become a half-billion dollar asset. Launched in January 2009, Bitcoin took nearly 12 years to reach a market capitalization of $500 billion by December 2020, at a price of more than $27,000. Since the launch of the first version of the crypto-currency protocol Ethereum in July 2015, Ethereum is now five years and ten months old.

As Cointelegraph previously reported, Ethereum co-founder Vitalik Buterin became a billionaire after the price of Ether fell on the 3rd. The month of May was over $3,000. Megan Kaspar, a crypto analyst and co-founder of digital asset investment firm Magnetic, thinks Ether is now on track to reach a price target of between $8,000 and $10,000 by the end of 2021. Earlier, it was reported that an analyst predicted that ETH would reach $3,400, while the cryptocurrency was trading around $1,200.

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