After Ethereum hit a record high above $2,750, Ethereum, the world’s second most important cryptocurrency, hit a market value of $320 billion on Thursday. Ethereum is now more valuable than payment giant PayPal Holdings.
Ethereum Continues Bullish Run Following Retail and Institutional Demand
According to the latest data from Coinmarketcap, Ethereum is up more than 11% in the past 7 days. In the past 24 hours, cryptocurrencies have increased by around 3%. ETH’s recent price hike was due to a significant surge in retail and institutional demand for cryptocurrencies.
The total market cap of PayPal Holdings is currently approximately $318 billion, which means that Ethereum has exceeded PayPal’s total market value. During the recent rebound in the $200 billion crypto market, Binance Coin (BNB) and ETH rose sharply.
“Ethereum’s dormant tokens are moving rapidly to justify yet another All-Time High above $2,750 today. With many new ETH addresses being made and dormant tokens cycling rapidly, this is the youngest average investment we’ve seen since July 2018,” crypto analyst company, Santiment mentioned on Twitter.
Last week, ETH’s share of the Ethereum 2.0 deposit agreement reached $9 billion. According to the latest data released by Etherscan, the deposit contract for upgrading the Ethereum network currently includes more than 4 million Ethereum with a total value of around $11 billion.
Increase in Institutional Inflow of Ethereum
CoinShares, a leading digital asset management company, recently released its weekly digital asset fund inflows report, highlighting the significant increase in institutional inflows related to ETH. Since the beginning of this year, Ethereum’s investment products have attracted $34 million as the total inflow of ETH’s investment products reached $792 million. With several companies around the world starting to include Ethereum on their balance sheets, the world’s second most expensive digital currency is being welcomed by institutional investors.
At the time of writing, Ethereum is trading above $2,720 with a total market cap of $315 billion. At 15.1%, the overall market dominance of ETH has reached its highest level in more than three years.