Ethereum has officially reached and surpassed the 500 billion USD market cap, truly marking it as the second largest cryptocurrency asset in the world after Bitcoin. This happened after Bitcoin surged recently, pulling ETH after itself.
Ethereum reached that market cap on Wednesday, October 20th, which occurred after a dramatic increase in demand for it among crypto traders for the past few weeks. According to recent reports, the most ETH-rich wallets have increased their ETH holding by almost 14% in just 10 weeks.
To put Ethereum’s surge in price in perspective, consider its recent development. It went from 730 USD on January 1st this year to 4,297 USD on May 12th. In the last few days, however, its price has surged with some 60%!
All that said, Bitcoin is still the undisputed leader of cryptos. What is more, Bitcoin’s immense recent spikes have actually decreased Ethereum’s market dominance – it currently accounts for 17% of the overall market cap.
Source
Bitcoin surges and pulls all major altcoins after itself, this is no surprise. Unfortunately, it does the same when it crashes too.
Ethereum reached that market cap on Wednesday, October 20th, which occurred after a dramatic increase in demand for it among crypto traders for the past few weeks. According to recent reports, the most ETH-rich wallets have increased their ETH holding by almost 14% in just 10 weeks.
To put Ethereum’s surge in price in perspective, consider its recent development. It went from 730 USD on January 1st this year to 4,297 USD on May 12th. In the last few days, however, its price has surged with some 60%!
All that said, Bitcoin is still the undisputed leader of cryptos. What is more, Bitcoin’s immense recent spikes have actually decreased Ethereum’s market dominance – it currently accounts for 17% of the overall market cap.
Source
Bitcoin surges and pulls all major altcoins after itself, this is no surprise. Unfortunately, it does the same when it crashes too.
