Ethereum (ETH), the world’s second largest cryptocurrency in terms of market value, has surpassed the psychologically important $ 3,000 mark per year. Press time late on Sunday for the first time in its nearly six-year history.
What happened: The cryptocurrency that supports the namesake blockchain platform has risen 2.7% over 24 hours to $ 3,021.67 at press time, giving it a market value of $ 349.4 billion.
This market value puts Ethereum ahead of companies like Walt Disney Company (NYSE: DIS) and PayPal Technologies Inc. (NASDAQ: PYPL).
Disney has a market capitalization of $ 337.68 billion. And PayPal has a market value of $ 308 billion. Pr. The end of Friday.
Ethereum is now floating around Bank of America Corp. (NYSE: BAC), which has a market value of $ 349.66 billion.
Also see: Is Ethereum a good investment?
Why it means: The event comes in the wake of the so-called “Alt Season”, where several cryptocurrencies with smaller market values surpass Bitcoin.
The ETH market dominance in the cryptocurrency market has increased to 15.4% per. Press time, while Bitcoin is at a 30-month low of 48%.
Ethereum benefits from the popularity of decentralized finance (DeFi) and non-fungible tokens (NFTs) that make extensive use of its blockchain ecosystem. Nevertheless, concerns remain about high transaction fees on the network, and projects working with scaling solutions such as Polygon (MATIC) has also seen a huge increase too late.
Ethereum-rival blockchain ecosystem Binance Smart Chain (BNC) has also seen its original cryptocurrency Binance coin (BNB) will rise 1560% this year, far exceeding the ETH YTD gain of 309.5%.
Read next: Can Ethereum hit $ 5,000 in six weeks? An important metric suggest it
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