Ethereum is currently the second biggest when it comes to digital assets. As such, the meteoric rise of the asset has no apparent intention of stopping or even slowing down shortly.
Another All-Time High For Ethereum
In the previous week, the Bank of America was overtaken by ETH as it rose to number 28 on the list of the world’s largest assets. On 10th May ETH broke past the psychological barrier of $4000 on several exchanges, Coinbase included. The new record has been made in no more than 7 days since the last barrier of $3000 was broken.
Currently, the market capitalization of ETH stands at $454.49B. As such, the value is significantly more than many giants that are the staples of consumers like Johnson & Johnson, and Wal-Mart. JPMorgan Chase is the next in line to be knocked down at this rate. It is the biggest bank of American origin when it comes to the assets it manages.
A partial reason might be the increasing interest from institutions in ETH. Institutions reportedly purchased more than $30M of ETH by April end according to Coinbase. It is expected that currently $13.9B worth of Ether vehicles or ETH are owned by money managers.
Similarly, a significant increase in adoption had also been observed. In the previous week, the Investment Bank of Europe stated that a bond worth $120M will be issued to the biggest layer-1 of the world. It is a collaboration with other banking giants like Goldman Sachs. Furthermore, DeFi’s growth remains increasing at a remarkable pace. This is among the most important use cases and communities for Ethereum.
The best catalysts are seemingly the major upgrades to the network infrastructure – ETH 2.0 and EIP-1559. The astounding streak has even renewed rumors of a “flippening” – an even where BTC is overtaken by ETH.