Ethereum, the leading altcoin, hit a new all-time high of $2,800 for the first time at 12:51 p.m. UTC on the Bitstamp exchange.
Its market capitalization has now surpassed that of payments giant PayPal, which is a major achievement for the second-largest cryptocurrency.
Ether is now on track to score its seventh month in the green after adding over 45 percent in April alone.
Meanwhile, Bitcoin's market continues to hover just above $1 trillion. Its market share is now well below 50 percent after the top cryptocurrency's rally stalled earlier this month.
As reported by U.Today, banking giant JPMorgan mentioned that Ethereum could outperform Bitcoin due to its booming ecosystem that includes decentralized finance (DeFi) applications, non-fungible tokens (NFTs) and other components.
With the upcoming EIP 1559 upgrade, Ether will also turn into a deflationary currency, which further bolsters the coin's bullish case.