Ethereum Reaches $500 Billion Market Cap
Ethereum, the world’s second-most valuable digital currency, spiked nearly 10% in the last 24 hours and reached an all-time high of approximately $4,350.
According to the latest data published by Coinmarketcap, Ethereum now has a market cap of more than $500 billion. ETH becomes only the second cryptocurrency in the world to reach a market value of $500 billion.
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Ethereum is now more valuable than the world’s leading investment bank JPMorgan. The total market cap of JPMorgan Chase currently stands at around $480 billion. ETH has been on the rise since the start of 2021. The cryptocurrency crossed the market cap of the Bank of America and PayPal earlier this year.
ETH whale activity has increased during the last few weeks amid a surge in its price. Finance Magnates yesterday reported about the movement of 46,793 Ethereum from a digital wallet to cryptocurrency exchange Binance.
“Ethereum top stakeholders have been historically active over the past week, with one 4-hour window on 5 May seeing over 6,300 $100k+ ETH transactions. This explosion in activity beginning on 3 May had much to do with the inevitable rise to $4,200,” on-chain analytics firm Santiment mentioned on Twitter.
The latest price surge in ETH has made Vitalik Buterin, co-founder of Ethereum, one of the youngest crypto billionaires after his public Ethereum address crossed 333,520 ETH, approximately $1.4 billion in value.
Ethereum Whales and Institutional Inflows
According to the latest data published by Whale Alert, a blockchain tracking and analytics platform, ETH’s record price has accelerated unknown Ethereum whale transactions. A crypto whale transferred 137,832 ETH to an unknown wallet on 11 May at 19:38 UTC. The total value of the transaction stands at around $560 million. The latest weekly cryptocurrency fund inflows report from CoinShares highlighted a significant jump in Ethereum-related institutional inflows. ETH investment products saw inflows of $60 million last week, up by 100% compared to the last week of April 2021.
The market dominance of ETH currently stands at around 19.6%, its highest level on record.
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