The weekend brought new all-time highs (ATH) for ETH. New peaks appear less than a week after ETH broke the previous ATH. Following in Bitcoin’s footsteps, ETH surged almost 7% on Saturday, pushing prices into new zones. And today, Ethereum price saw a new price record, hitting $ 2,200 on spot exchanges. It has pushed Ether’s total market cap above that of the world’s top companies.
With its recent whopping price spike, the net supply of Ethereum price is more valuable than the capitalization of top companies
ETH has had a similar price movement to Bitcoin in recent months. Major altcoins also work in harmony with Bitcoin. However, the correlation between Bitcoin and ETH shows that ETH’s price action follows Bitcoin’s price action.
Bitcoin recently broke through the $ 60,000 resistance level, up almost 7% in the process. ETH was up around 7% on Saturday as well, reaching $ 2,200. ETH has also been driven by recent news that one of the largest multinational financial services companies in the world is using the network. Visa has begun setting up transactions on its own network through ETH-backed USDC. The news caused the price of ETH to soar as global usage started to become apparent.
According to the analytical services that track the capitalization of global companies, commodities, cryptocurrencies, and ETFs, Ethereum (ETH) entered the top 40 assets by market capitalization.
At the current price level of over $ 2,147, Ether’s market capitalization (the net value of the entire supply mined to date) is estimated at around $ 247 billion. The market capitalization of WLifeMan Inc., an OTT content platform and production company is some $ 245 billion. Software legend Adobe is valued at $ 240 while Coca-Cola’s multi-national beverage company has a market capitalization of $ 229 billion.
ETH will most likely increase in price even further as the market continues to see the bullish sentiment. The total market cap hit a new high of $ 2 trillion, while cryptocurrencies’ prices are also very bullish.
Traders continue to consider this altcoin’s potential to perform similarly to 2017 when the price hit new market highs.