Ether, the second-largest crypto asset by market valuation, has reached a new high of $3,003 on the 3rd of May. As a result, the crypto asset has surpassed the total market capitalization of institutions like The Walt Disney Company and Bank of America. The token hit the milestone on different exchanges such as Binance, Bybit, BitMEX, and Coinbase.
At press time, Ethereum is trading at $3,246.40, and it has climbed over 10% in the last 24hours. The crypto has gained more than 49% to over 41 billion in the last 24 hours. Also, Ethereum has a market valuation of $382 billion.
This achievement has triggered the renewed notion that Ether could “flippen” Bitcoin. That is, ETH could exceed Bitcoin as the largest cryptocurrency in the world.
In comparison, Bitcoin is currently trading at $57,846.71. Bitcoin is up 2.09% in the past 24hours and has a trading volume of over $46 billion. According to Coinmarketcap, its market capitalization is over $1 trillion.
There are several factors fueling the ETH surge. A major one is the increased adoption of cryptocurrencies from both retail and institutional investors. Last week, Reuters reported that it had associated the rise in ETH with the news that the European Investment Bank is launching a “digital bond” sale using the ETH network.
Also, the ETH spike can be tied to the rise in the transaction fees on the blockchain.
Image Credits: Pixabay
