Crypto Ether Crosses New Milestone
Yet another testimony to the rapidly growing value and mainstream popularity of various forms of crypto has come forward. Ether, the token used as currency in Ethereum, has for the first time crossed the market cap of $500 billion. The crypto now totals a value that has crossed the milestone for a brief period on Wednesday, reaching an all-time high of $505 billion. This was followed by a slight dip in prices, as Ether slipped back to values below the milestone.
In achieving the feat, Ether crossed the likes of currency giants Visa (currently at $496 billion) and JPMorgan (at $ 480 billion). The prices per token, too, hit a whopping $4,371 for the first time. Soon thereafter, prices went for a toll, falling to $4,262 per token, which in turn resulted in the market cap falling to $493.65 billion (which still is impressive nonetheless).
Bitcoin Still Ahead
While Ether is rapidly becoming more popular and climbing up the valuation ladder, it still is very much behind the likes of Bitcoin. The massively popular form of crypto had already crossed the $1 trillion in February 2021. Before this, it had crossed the $500 billion mark back in December last year. Still, Ether has now officially crossed the 50% market cap target in comparison to Bitcoin.
Moreover, crypto expert Greg Magadini, who also happens to be the Head of Genesis Volatility, one of the most popular analytical platforms for crypto, has said that Ether is definitely headed towards the $1 trillion mark as well. Expanding on his thesis, he said that since the crypto is fast becoming the main token forming the base of decentralised business, the fact that it will cross the $1 trillion milestone is a “no-brainer”.
Co-Founder Recently Became Billionaire
Ethereum Co-founder Vitalik Buterin must be celebrating right now. He had become a billionaire just a few days back, on May 3, when the values of single Ether tokens crossed the $3000 mark.