The cryptocurrency Ether is about to exceed the market value of the Disney and Procter & Gamble companies. The price of Ether, expressed in Bitcoin, has also hit all-time highs so far this year.
In the past week, Ethereum’s cryptocurrency Ether (ETH) has continued its bullish momentum, hitting all-time highs above USD 2,700. Its market capitalization, slightly above USD 320 billion, recently exceeded that of PayPal. Ether has appreciated by 273% so far this year, more than three times than Bitcoin (BTC) in the same period.
Bitcoin is eighth in the asset ranking by market capitalization, which includes assets such as gold and silver. Meanwhile, Ether surpassed PayPal and is now in 32nd place.
The second cryptocurrency by market capitalization would still have to surpass the Disney and Procter & Gamble companies. To succeed in reaching 30th place, its price needs to achieve an increase of 5%.
Taking into account only companies, that is, excluding gold and silver, BTC moves to 6th place and ETH to 30th place. Ether is more likely to outperform its closest rivals, while the price of Bitcoin would need to rise by 40% to outperform Google.
Ether Performs Better than Bitcoin
Ether currently has less than a third of the market capitalization of Bitcoin, which is USD 320 billion versus USD 1.018 trillion. However, the difference in capitalization of the first cryptocurrencies was much more marked last year. At the end of April, Ether’s market capitalization was 0.15 times that of Bitcoin. That may mean that the value of Ether against Bitcoin has multiplied by about 2.
Bitcoin has maintained its bullish momentum after dropping by almost 40% in mid-March 2020. However, Bitcoin has remained behind in terms of appreciation against major altcoins. For its part, Ether hit an all-time high of USD 2,700 on April 26th. At the same time, the European Investment Bank (EIB) announced the launch of digital bonds on the Ethereum blockchain.
Most recently, the price of Ether hit a new all-time high of USD 2,790. Thus, its market capitalization exceeded USD 320 billion. Therefore, Ether now ranks 32nd among the largest companies and assets by market capitalization in the world. As a result of this appreciation of Ether, PayPal has lost USD 6 billion in market capitalization, moving to 33rd place.
The price of Ether has also had an upward trend against the pioneering cryptocurrency. At the time of its most recent all-time high, the second cryptocurrency on the market reached a local high of 0.052 BTC. The all-time high in Bitcoin for Ether is 0.1471 BTC, which it reached on July 16th, 2017. Ether had not exceeded the 0.050 BTC level since August 2018.
At the time of writing this article, Bitcoin is trading at around USD 57,600 and has a market capitalization greater than USD 1,077 billion. The price of Ether is around USD 2,940 and its market capitalization exceeds USD 340 billion, according to data from CoinGecko.
By Alexander Salazar
