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Ether Touches $500B Market Cap for First Time, Overtaking JPMorgan and Visa
The milestone came as ether hit an all-time high of over $4,370.
Ether (ETH), the native cryptocurrency of the Ethereum network, passed the market cap milestone of $500 billion Wednesday morning.
STORY CONTINUES BELOW
- Ether's total value climbed as high as $505 billion before pulling back slightly, according to CoinMarketCap data, surpassing financial behemoths JPMorgan ($480 billion) and Visa ($496 billion).
- The milestone came as the cryptocurrency's price hit an all-time high of $4,371, per CoinDesk 20 data.
- At press time, ETH is priced at $4,262 with a market cap of $493.65 billion.
- Bitcoin (BTC) passed the $500 billion milestone in late December 2020 before hitting $1 trillion in February 2021. So ether's market cap is now approaching the 50% mark of bitcoin's.
- Greg Magadini, CEO of Genesis Volatility, has described a $1 trillion ETH market cap as a "no brainer."
See also: Market Wrap: Yearn, EOS Rise Over 30% While Ether and Bitcoin Eke Out Small Gains
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
