Crypto Market Capitalisation Hits $2.4 Trillion
Ethereum (ETH) Rallies to All-Time High of $3500
Topples Walmart, PayPal and Bank of America
It’s been a wild ride as the overall cryptocurrency market cap crosses $2.3 trillion for the very first time and it’s not Bitcoin (BTC) this time leading the show! The world’s second-largest cryptocurrency Ethereum (ETH) has delivered a mind-blowing performance hitting a new all-time high of $3500 with its market cap crossing $400 billion for the very first time.
It has been an absolute wild rally in Ethereum over the last week. The cryptocurrency has surged nearly 40% to hit new highs. Besides, at $3500, Ethereum’s year-to-date gains stand at a massive 382%. It has clearly outclassed the Bitcoin (BTC) performance by a margin of 4x since BTC’s year-to-date stand at 88%.
As per data on Infinite Marketcap, Ethereum (ETH) is currently the 20th most valuable asset in the world. In its recent journey northwards, Ethereum (ETH) has flipped some of the oldest global corporations like Walmart, Disney, PayPal, Mastercard, and Bank of America.
This recent ETH price rally also makes co-founder Vitalik Buterin the youngest cryptocurrency billionaire in the world. As per the official ETH address of Buterin, the co-founder holds over 333,500 ETH coins valued at $1.15 billion.
Also to give an idea, Ethereum has surged more than 1500% over the last year to attain this milestone. With the recent price rally, Ethereum’s overall dominance in the crypto market has moved past 17.6% while pushing the Bitcoin dominance under 45%.
The recent Ethereum price rally is not just the outcome of investor frenzy but rather backed by solid on-chain fundamental development. As on-chain data provider Glassnode reports, the ETH supply at exchanges has been dropping continuously. At the same time, more and more ETH coins make their way into smart contracts and DeFi applications.
Ethereum-ETH-Exchange-Supply (Courtesy: Glassnode)
On the other hand, the downward trending NVT ratio (Network Value to Transaction) points at bullish growth for the ETH price. This shows a high network activity and suggests that the transaction volumes are growing faster against the assets market cap.
Ethereum-ETH-NVT-Ratio (Courtesy: Glassnode)
Another major development for the Ethereum blockchain is Ethereum miners increasing the block-gas limit to 15M. This has helped the overall network throughput to hit an all-time high of 16.5 transactions per second.
Ethereum-ETH-Network-Throughput (Courtesy: Glassnode)
Many analysts remain bullish on the ETH future and expect the price to surge further. The popular Ethereum (ETH) price prediction is currently $10K by the end of 2021.
Bitcoin (BTC) Remains Under Pressure While Dogecoin (DOGE) Hits the Moon Above $0.50
Bitcoin (BTC) is showing major weakness amid the ongoing Ethereum party. Today, the BTC price is down 4% trading at $55,262 as Bitcoin continues to lose its grip and dominance in the market.
However, fundamental indicators create hope for investors and show signs of a possible bounce back. As analyst Willy Woo points out, the Bitcoin (BTC) NVT Price suggests that it is currently underpriced and shall bounce back from here.
Bitcoin-BTC-NVT-Price (Courtesy: Willy Woo)
On the other hand, Dogecoin (DOGE) has led to a massive rally in the altcoin space. Today, May 4, the Dogecoin (DOGE) price has surged 40% going all the way to $0.60 with its market cap going past $70 billion.
The Dogecoin price rally has been unstoppable as its adds 95% gains over the last week to become the world’s fourth-largest crypto by market cap toppling XRP and Tether (USDT). Dogecoin has delivered 85x gains in 2021 alone which is a massive 8400% returns year-to-date.
Popular crypto exchanges like eToro and Gemini have rushed to add support for Dogecoin (DOGE). The Dogecoin Prediction for 2021 remains $1 as many investors have been rooting for this milestone.
Lastly, Binance Coin (BNB) also continues its surge further hitting a new all-time high of $680 earlier today as its market cap soars past $100 billion for the very first time.
Crypto Market News and NFT News
E-commerce giant eBay has announced that it might soon consider adding crypto payment support on its platform. Company CEO Jamie Lannone told CNBC during the recent interview. The CEO further added that they are looking for opportunities to enable non-fungible tokens (NFTs) on the platform.
On Monday, May 3, S&P Dow Jones launched three new indices tied to Bitcoin and Ethereum. The S&P Bitcoin (SPBTC) and S&P Ethereum (SPETH) will track the performance of these two largest crypto assets and compete against the Bloomberg crypto index. While the S&P Cryptocurrency MegaCap (SPCMC) will track both cryptocurrencies weighted by market cap.
Crypto exchange Coinbase added for Tether’s USDT stablecoin whereas PayPal is mulling for its own native cryptocurrency.
On the Star Wards Day i,e May 4, over 800 limited edition Star Wars collectibles were released as NFTs. Popular lifestyle magazine Playboy is also hosting a virtual art gallery as its first NFT collection.
- $51 + 2.4%
- $51 + 2.4%