Ethereum (ETH), the world’s second-largest cryptocurrency in terms of market capitalization, surpassed the psychologically important $ 3,000 of print time late Sunday for the first time in its nearly six-year history.
What happened: The cryptocurrency supporting the blockchain platform of the same name rose 2.7% in 24 hours to $ 3,021.67 during the press, giving it a market value of $ 349.4 billion.
This market capitalization puts Ethereum ahead of companies such as The Walt Disney Company (NYSE: DIS) and PayPal Technologies Inc. (NASDAQ: PYPL).
Disney has a market value of $ 337.68 billion and PayPal has a market value of $ 308 billion at the end of Friday.
Ethereum is now hovering around Bank of America Corp. (NYSE: BAC), which has a market value of $ 349.66 billion.
See also: Is Etherium a good investment?
Why it is important: The event comes after the so-called “Alt Season”, where several cryptocurrencies with smaller market capitalization outperform bitcoins.
ETH’s market dominance in the cryptocurrency market has risen to 15.4% of print time, while Bitcoin’s is at a 30-month low of 48%.
Ethereum is taking advantage of the popularity of decentralized financing (DeFi) and irreplaceable tokens (NFT), which make extensive use of their blockchain ecosystem. Nevertheless, concerns about high transaction fees remain in the network and projects working on scaling solutions, such as Polygon (MATIC) have also seen huge growth in recent times.
The ethereal competitive blockchain ecosystem Binance Smart Chain (BNC) has also seen its native cryptocurrency Binance Coin (BNB) jumped 1560% this year, well ahead of ETH’s earnings of 309.5% since the beginning of the year.
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