After Ethereum crossed the market cap of $320 Billion, it now stands over one of the most popular payment companies in the world, PayPal.
According to reports from multiple sources, Ethereum managed to achieve another milestone this week, reaching a price of around $2,665. The asset has continued to grow since then, now trading at a price of $2,800 for the first time, helping its market cap to swell to around $320 Billion and overcome the market cap of the payment behemoth PayPal. This new price is still in the discovery phase, meaning that its current stable price is still yet to be determined by traders.
Some traders and analysts think that it will be even higher than expected. @Scottmelker on Twitter stated in his recent tweet that Bitcoin’s power over the market has toppled below 50% and is continuing to drop at a massive rate as other competitors have started to see a massive rise in adoption rates. Although it may not be clear about what is causing this drop, Scott believes that the increase in popularity of altcoins might be the main reason.
Ethereum’s increased Dominance in the Market
Investors may have figured out the reasons why Ethereum’s graph is showing an upward trend in the market. The two main reasons for the increase in the adoption rate of Ethereum are the rise in interest from Institutions and the next Ethereum network upgrade that will provide more features and will increase the value of the asset even further. Many analysts have a firm belief that Ethereum will surpass Bitcoin because of its unique set of features, separating it from the ‘storage asset’ that Bitcoin is being called these days.
ETFs pave the way for Crypto Engagements
In the previous week, 3 Ethereum-based ETFs managed to breach the Toronto Stock Exchange. As of now, there are a total of 8 ETFs that exists in Canada, half of which are Bitcoin ETFs, and half of them are Ethereum ETFs. Using ETFs, investors can take part in purchasing shares and predict the price of an asset without actually owning it. ETFs have provided a much easier way of investing in the crypto market compared to the actual purchasing of assets using an exchange. ETFs are currently not approved in the United States, but according to Gary Gensler, they will soon start to accept ETFs in the states as well.
PayPal itself has also been showing interest in the crypto space by allowing crypto-based transactions through its network. Coinbase has this feature on its app, which lets users buy cryptocurrency using PayPal.