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Ethereum Record-setting Price Surge to Continue as Crypto Market Cap Tops $3T

UTC by Tolu Ajiboye · 3 min read
Ethereum Record-setting Price Surge to Continue as Crypto Market Cap Tops $3T
Photo: Depositphotos

Ethereum is currently rising and shows no signs of slowing down even as its price now tops $4,700 for the first time ever.

The price of Ethereum (ETH), the second-largest crypto by market cap, is continuing its record run, and has topped $4,700 for the first time. ETH has been rallying over the past month, with most of the community continuously more bullish on its future. Generally, the entire digital currency marketplace is seeing recent huge gains as the year winds down.

Bitcoin (BTC) set a new all-time high in October above $66,000. In addition, Binance’s BNB, Solana, Cardano, and XRP also made double-digit percentage gains. As a result of these recent developments, the total value of the combined crypto market now tops $3 trillion. The crypto marketplace cap first hit this figure on October 20 and has further consolidated on that since then. This represents an increase of 14.5% in less than three weeks, from breaking the $2.62 trillion former all-time high registered in May.

Only three days ago, ETH struggled temporarily to register gains in the morning trading session. Furthermore, the digital currency was down by 0.59% and returned to the $4,500 level. However, analysts noted that it was necessary to support a run at the $4,700 level – which seems to be the case presently.

Meanwhile, BTC is consolidating once again above $65K, after being trapped since October 28. The leading digital currency now looks set to refresh its all-time high of $66K, as buying interest increases across the board. Despite BTC’s formidable price gains within the past two years, the prominent crypto’s marketplace dominance is down by a staggering 42.8%. Back in early September 2019, it registered a top of 70.8%.

BTC and Ethereum Tussle So Far: Price, Market Share, Functionality

As it stands, BTC is still more than double the value of its closest rival ETH, as far as market share goes. The former has a market share of $1.22 trillion or 40.5% to Ethereum’s $560 billion or 18.6%. However, the combined capitalization of all other digital currencies stands at $1.24 trillion or 40.9%.

The Ethereum ecosystem is also spreading its tentacles within the sector as more third-party applications and projects arise. The blockchain currently serves as the largest, most versatile, and most dominant. In addition, according to Messari’s Ethereum screener, the Ether ecosystem represents a market cap of $829 billion or dominance of 27.6%. The scanner currently tracks 209 projects that call the network home.

As of press time, ETH is trading at $4,741, while BTC was changing hands at $66,197.

The Rise of Digital Assets

Digital assets are fast becoming mainstream in various industries ranging from finance to sports and entertainment. Leading financial institutions, like JP Morgan, are beginning to offer exposure in one way or another to clients. In addition, celebrities like Mariah Carey and Katy Perry are also lending their brands to the marketing of digital assets – such as NFTs and crypto. Lastly, professional sports organizations and brands, from Formula 1, association football, and the NBA are partnering with crypto-centric entities.

Altcoin News, Cryptocurrency news, Ethereum News, News
Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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