This week saw the mainstream financial world fully embrace and make use of the Ethereum blockchain, cementing its real-world use and helping the cryptocurrency surpass previous all-time highs.
ETH continued to capitalize on the current bull run, making its way ever closer to the top 30 most valuable assets in the world as prices soar to within touching distance of the $2,800 mark.
Ethereum may finally be receiving the recognition it deserves
This week’s price surge comes after a big announcement on Wednesday from the European Investment Bank, stating that they had issued their first digital bond on the Ethereum blockchain.
Many cryptocurrency enthusiasts saw this as a positive sign for the future, further confirming the real-world use of the blockchain amongst reputable financial institutions.
Generally overshadowed by Bitcoin, Ethereum is enjoying riding in the current bull market, seeing a rise since January 1st of almost 360%. We have also seen a shift in market dominance during the last four months, as Bitcoin falls to below 50% (the first time since 2018) and Ethereum rises above 15%.
Derived from an analysis of platinum’s cumulative production since 1900, the total market cap of mined platinum is roughly $303 billion.
Platinum is currently boasting a return of just under 14% year-to-date and holds the title of King of the precious metals, as both Gold and Silver decline.
Despite a year of positive returns, platinum sees itself fall down the list of most valuable assets. For the first time ever, platinum now sits below the second-largest cryptocurrency, Ether – home to a market capitalization of over $315 billion.
The effects of Wednesday’s announcement will be further enhanced by the development and implementation of the Ethereum 2.0 roadmap. The Ethereum 2.0 upgrade looks to build on the solid foundations of the blockchain, enhancing scalability, security, and accessibility.
Making use of the market’s current momentum, it may not be long before we see Ether breaking more barriers and rising further through the asset ranks. It appears the next five most valuable companies and assets are currently within $35 billion of Ether’s market cap.
“Speculative bubble” shows no sign of popping
Ethereum’s cumulative market cap surpassing platinum’s for the first time is a huge milestone for cryptocurrencies as a whole. Allowing for Ethereum and other well-covered cryptocurrencies to dominate the press as day-to-day uses are uncovered, myths in the crypto world are debunked, and scare-mongering subsides.
With the entire market topping $2 trillion earlier this month, it would be fair to assume the financial world is beginning to understand the real-world use of these coins and are slowly figuring out how best to utilize them in day-to-day life.
This 2021 bull run has proven positive for the Ethereum community thus far and shows no signs of stopping. From the roll-out of the Ethereum 2.0 roadmap, to the backing of mainstream financial institutions, to surpassing platinum in the list of most valuable assets and beyond.