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Ethereum overtakes PayPal in market cap after new all-time high price

Ether (ETH), the cryptocurrency of Ethereum, continues to show bullish momentum this week, recording new all-time highs, above $ 2,700. Its market capitalization, slightly above USD 320,000 million, surpassed PayPal’s capitalization on Thursday. Ether shows an appreciation of 273% so far this year, which is more than triple the appreciation of bitcoin (BTC) in the same period.

In the global classification of assets by market capitalization, which includes gold and silver, bitcoin is in eighth place, while ether on Thursday displaced PayPal from position 32.

The second cryptocurrency by market capitalization, as shown seen in the graph below, it would still have to surpass Disney and Procter & Gamble to move to position 30, a milestone that it would achieve with a 5% increase in its price.

An appreciation of 5% would take ether to the 30th position of the highest value assets. Source: companiesmarketcap.com

When only companies are considered, that is, excluding gold and silver, BTC moves to 6th place and ETH to 30th place. Ether is much closer to outperforming its closest rivals, while bitcoin would require raising its price by 40% to overtake Google.

Ether, with better performance against bitcoin

While in these At times, ether has less than a third of the capitalization of bitcoin, USD 320,000 million compared to USD 1,018 trillion, a year ago the difference in capitalization of the first cryptocurrencies was much more marked. On April 30, 2020, the market capitalization of ether was 0.15 times that of bitcoin, so it can be deduced that the relative value of ether versus bitcoin was multiplied by approximately 2.

Despite having maintained upward momentum after a near 40% drop in mid-March 2020, bitcoin has lagged in appreciation against major altcoins. Ether, for its part, reached a new all-time high, reported by CriptoNoticias, of USD 2,700 last Wednesday, which coincided with an announcement by the European Investment Bank (EIB) about the launch of digital bonds on the Ethereum blockchain.

This Thursday, Ether set a new all-time high of $ 2,790. Source: CoinMarketCap.

As shown in the graph, this Thursday, April 29, Ether reached a new all-time high of USD 2,790, bringing its capitalization to market exceeds USD 320,000 million. Thus, ether is now ranked 32 among the companies and assets with the largest market capitalization in the world. PayPal, with less than 6 billion dollars in market capitalization, now ranks 33rd, with this revaluation of ether.

The graph also shows a growing price trend of ether in BTC , which at the time of the all-time high of ether this Thursday, achieved a local high of 0.052 BTC. The historical top of ether expressed in bitcoin is 0.1471 BTC and was reached on July 16, 2017. Since August 2018, ether had not managed to exceed the level of 0.0500 BTC, as reported by CriptoNoticias on 22 April.

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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