Ethereum is officially surpassed the $500 billion market cap. ETH is truly the world’s second largest crypto asset with this landmark. The recent rally that Bitcoin experienced, Ethereum was quick to reap the benefits and its retail demand jumped impressively in the last 24 hours.
Coinmarketcap revealed a set of data that disclose Ethereum’s market cap crosses yesterday, on Wednesday. It is for the first time in history that Ethereum jumps the $500 million limit.
In the last few weeks ETH demand among large crypto fishes has dramatically increased. A report by Santiment – an on-chain analysis platform- reveals that the most ETC-rich wallets have increased their ETH holding by almost 14% in just 10 weeks.
It is no wonder that Ethereum is in the top 5 listings of the world’s most popular crypto assets. Its position as the second-best performing crypto coin is well deserved. Just consider that the price of one ETH was $730 on January 1st, while at its highest it was $4 297 (on May 12th).In the last couple of day, the price has spiked by more than 60%.
However, the overall market dominance of Ethereum is still quite insignificant when compared to that of Bitcoin, the current global crypto leader. Bitcoin’s recent spikes have resulted in a decrease of Ethereum’s overall market dominance. Currently, ETH accounts for some 17 percent of the overall cryptocurrency market cap.