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In late December 2020, Bitcoin’s market capitalisation would surpass $500 billion.
During the current market surge, Ether (ETH), the second most valuable cryptocurrency after Bitcoin (BTC), has reached a significant milestone.
According to CoinMarketCap records, the price of Ether reached a new historic high of $4,346 on May 12. On Wednesday, Ether’s market capitalisation narrowly reached $500 billion, touching almost $505 billion.
The new landmark represents Ether’s current huge rise, which began on May 10 when it reached the $4,000 price mark for the first time in history. At the time of writing, ETH is trading at $4,317, up more than 6.4 percent in the last 24 hours and up almost 30 percent in the last seven days.
Following the parabolic rise, Ether currently has a greater market capitalisation than payment giant Visa or global investment firm JPMorgan. According to figures from financial statistics website MarketWatch, Visa’s market cap is $481 billion at the time of publication, while JPMorgan’s market cap is $488 billion.
After Bitcoin, Ether is the second cryptocurrency to reach a market capitalisation of $500 billion. Ether grew to be a $500 billion asset in a fraction of the time. Bitcoin, which was launched in January 2009, took almost 12 years to cross a $500 billion market capitalisation in December 2020 at a price of more than $27,000. Ether is currently five years and ten months old, having introduced the first version of an Ethereum blockchain protocol in July 2015.
As previously noted by Cointelegraph, Ethereum co-founder Vitalik Buterin became a billionaire on May 3 when the Ether price surpassed $3,000 for the first time. Megan Kaspar, co-founder of digital asset investment company Magnetic and a crypto analyst, claims Ether is now on pace to reach a market target of $8,000 to $10,000 by late 2021. When the cryptocurrency was valued around $1,200, the analyst allegedly estimated that ETH would reach $3,400.