Ethereum managed to hit its all-time high, targeting the $5,000 mark. Meanwhile, the capitalization of the second cryptocurrency on the market caught up with the Visa payment system.
Today, several important news has thundered across the entire Ethereum community. Not only about reaching a record value of $4,362, but also about the fact that the market capitalization of the token has exceeded $500 billion. However, a little later, the price of the asset dropped, and at the time of this writing is $4,017 on Binance, and its capitalization is about $482 billion, according to CoinMarketCap.
ETH, which has resumed its rally, continues to try to seize market dominance from its king, Bitcoin, whose market share fell from 74% in January 2021 to 44% today. Considering how long it took Bitcoin to reach a capitalization of $500 billion, Buterin's brainchild managed to significantly improve the result. Bitcoin broke the $500 billion mark in December 2020 at a price of $27,000, while Ethereum did so in just under 6 years, having launched in July 2015.
Many cryptocurrency analysts are extremely optimistic about the price of ETH and predict a bright future for it. For example, Megan Kaspar claims that achieving the goal of $8-10,000 is quite realistic by the end of this year. Earlier, Megan predicted the asset's value of $3400 when its price was in the region of $1200 on the Binance exchange.
Institutional investors are also starting to see ETH as a good alternative to investing in Bitcoins. This is happening, among other things, against the backdrop of a global blockchain update called Ethereum 2.0, within which the team intends not only to switch to Proof-of-Stake but also to significantly reduce exorbitant fees within the network. Against the background of the latter, even the daily income of ETH miners broke the bar of $103 million against $67 million for BTC, and the commissions themselves reached an anti-record with an average of $60.