Ethereum Surpasses Visa as Its Market Cap Hits $500 Billion for the First Time

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Wed, 05/12/2021 - 04:25

Alex Dovbnya

Ethereum's market value has hit $500 billion for the first time amid a streak of new all-time highs

Ethereum Surpasses Visa as Its Market Cap Hits $500 Billion for the First Time

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The market cap of Ethereum has surpassed $500 billion for the first time in history at 3:46 a.m. UTC, which is a major milestone for the leading altcoin.

Ether reached a new all-time high of $4,351 at 3:55 a.m. UTC, which propelled the cryptocurrency's market cap to a local peak of $504 billion.

It is currently worth more than the financial services giant Visa that started piloting transaction settlements in the USD Coin (USDC) stablecoin on the Ethereum blockchain last month.

Peter Schiff Predicts That Ethereum May Flip Bitcoin

Bitcoin's dominance continues to plunge

The renewed Ether rally continues to crush Bitcoin's dominance. The king's market share has now plunged to just 44 percent from nearly 74 percent in early January.

Bitcoin is trading at $57,771 on the Bitstamp exchange at press time.

#Ethereum News #Bitcoin News

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.