The market capitalization of Ethereum (ETH) has surpassed that of platinum and is now close to entering the 30 most valuable assets in the world
Ethereum (ETH), the second largest cryptocurrency by market cap, has been surging better than Bitcoin (BTC) in recent days, in terms of price.
A couple of hours ago, the price of the digital currency surged to record a new all-time high of $ 2,741. As of this writing, ETH is trading around $ 2,730, making its current market capitalization around $ 315 billion.
Thanks to the current positive trend, the digital currency is now about to join the league of the 30 most valuable assets in the world.
Ethereum (ETH) Exceeds Platinum Market Cap
According to CompaniesMarketCap.com, Ethereum (ETH) is now the 33rd most valuable asset in the world, breaking the record for the precious metal Platinum.
According to the Cointelegraph report, the total market capitalization of mined platinum is currently $ 303 billion. This is derived from an analysis of the cumulative production of platinum since 1900.
So far this year, platinum has outperformed other precious metals, including gold and silver, but cannot match the performance of Ethereum (ETH) and other major cryptocurrencies.
With the looks of things, Ethereum is in the midst of a rare bull run. Even Bitcoin (BTC), the largest cryptocurrency by market cap, is nowhere near ETH's rising trend to date. Hence, more challenging obstacles are expected for the digital currency on its way to achieving new milestones.
Since the first day of this year, Ethereum (ETH) has gained more than 350% in terms of price amid the large increase in the adoption of decentralized finance (DeFi) and the hope of seeing a drastic reduction in gas rates to through the long-awaited implementation of EIP-1559.
The current ETH price trend is positive, it has also drastically reduced the dominance of the Bitcoin market. Ethereum now accounts for around 15% of the cryptocurrency market, while Bitcoin manages 50%.