Main navigation

Ethereum's Market Cap Surpasses PayPal as Top Altcoin Hits $2,800 for the First Time

News
Thu, 04/29/2021 - 13:09
article image
Alex Dovbnya
Ethereum is now worth more than PayPal after touching $2,800
Ethereum's Market Cap Surpasses PayPal as Top Altcoin Hits $2,800 for the First Time
Cover image via stock.adobe.com
Read U.TODAY on
Google News

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.

Ethereum
Image by tradingview.com

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.

article image
About the author

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.