2020 has been an exceptional year for cryptocurrencies when the global slowdown in economies and widespread lockdown boosted digital financial systems. The price of most crypto tokens rallied at the end of 2020 and are faring excellently in the early days of 2021.
Ethereum’s market cap also hit its all-time high this Thursday, showcasing an upward trend and an overall positive vibe for the cryptocurrency industry.
Ethereum Market Cap reaches All-Time High.
Ethereum market capitalization that comprises of the value of all the tokens in circulation reached a massive high of $149.77 billion, which is the latest all-time high. ETH is trading at $1270 right now. The last recorded all-time high of ETH token market capitalization was in January 2018 at $145.7 billion. As the global market capitalization of cryptocurrency reached above $1 trillion, a parabolic growth is observed across various crypto tokens. In 2020 significant cryptocurrency investments and increased mainstream adoption boosted the development of the cryptocurrency industry.
On January 7th, 2021, the price of the Ethereum token surged by more than 13 percent and managed to find a spot in the top 100 assets traded by market cap. As reported by CompaniesMarketCap.com, Ethereum managed to debut in the top 100 list reaching the 88th spot leading United Parcel Services and Bristol Myers Squibb.
PayPal introduced Bitcoin in its system and allowed customers to buy and hold cryptocurrencies. PayPal also rolled out support for Bitcoin as a payment method on its platform allowing its 26 million merchants to receive payments and hold reserves in Bitcoin. Institutional investment in Bitcoin and cryptocurrency also surged, with MicroStrategy making massive investments in Bitcoin. Grayscale set up a highly valuable Ethereum Trust fund, which boosted ETH tokens’ price.
Ethereum price has surged over 60 percent in 2021, surpassing the $1200 mark, and it can seemingly overtake leading mainstream conglomerates like Morgan Stanley, Phillip Morris, and Citigroup in market capitalization considering this year’s gains.
Ethereum joined Bitcoin in the list of the top 100 stocks by market share. The highly bullish cryptocurrency, Bitcoin, has surpassed tech giants like Alibaba and Tencent to gain 10th spot in the list.
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