Record-Breaking Ethereum Overtakes Platinum In Value

Ethereum has become the 32nd most valuable asset in the world, in terms of market capitalization – swiftly overtaking Platinum for the first time.

Market capitalization – commonly referred to as “market cap” – is the market value of a publicly-traded company’s shares. Basically, price times the total number of shares issued. Similarly, in blockchain projects, price times the total number of coins in circulation.

Related | Luxury Brands Create Blockchain Consortium To Secure Product Authenticity

Ether’s current total market cap now stands at $319,9 billion, as opposed to Platinum’s current market cap of $305.12 billion. The raise makes Ethereum the 32nd most valuable asset in the world, above Platinum and PayPal, and just below Procter & Gamble.

Platinum is the best-performing precious metal this year and has grown 14% in the past 12 months, in the midst of declining Silver and Gold. Ethereum has gained 360% since January 1, 2021!

One of the biggest factors for a cryptocurrency to go ballistic, other than mere traders’ speculating on fictitious reasons, is the “adoption” of the blockchain network that the coin is based on. As the technology finds its way into everyday uses, particularly when anything mainstream finds applications for it, prices go up in unpredictable ways.

We have seen this all throughout the year, as Bitcoin made its way into the established world of finance.

Ethereum is the blockchain platform, Ether (ETH) is its cryptocurrency. If a company performs well, its shares go up in value. If the blockchain platform becomes more popular, the value of its coin surges. Several events have recently prompted ETH’s price to break all of its records.

For example, on April 28th, the European Investment Bank, one of the largest supranational lenders in the world, issued €100 million worth of digital coins based on the Ethereum network.

Shortly after the announcement, Ether (ETH) reached a new all-time-high record price of $2,741,78. But that was old news just a day afterward, as the price of the “developers network” keeps on growing.

You might also like

More from Tech

Among Us Is Finally Coming To The PlayStation

Sony is finally bringing Among Us to The Playstation with the game due to come to both PS4 and PS5 …

Unlock Your iPhone While Wearing A Mask Thanks To Your Apple Watch

It is now easy to unlock your iPhone with your Apple Watch, even when wearing a mask, thanks to the …

Apple Reveals That iOS 14.5 Will Arrive Next Week

The announcement was quiet, but Apple confirmed iOS 14.5 will be available next week, alongside WatchOS 7.4 and macOS 11.3.

Apple Announces $29 AirTag, Its Own Tile-Like Item Tracker

Apple just announced AirTag, a new $29 Tile-like item tracker that will let you track your items within Apple’s “Find …

Polaroid Go Is The Smallest Analog Instant Camera Yet

Polaroid Go is the smallest analog instant camera from Polaroid, yet it comes with a selfie mirror and a longer-lasting …

Adobe Premiere Rush Now Runs Natively On M1 Macs

Adobe has updated Premiere Rush, bringing support for M1 (Apple Silicon) Macs and Samsung Note 20 series devices.

Apple Is Working On An Apple TV With A Built-In Camera And Speaker

With its built-in camera and speaker, the new Apple TV will join the growing range of Siri-enabled Smart Home products …

The FCC Needs You To Test Your Internet Speed With Its New App

With the FCC Speed Test app, the agency hopes to update its data to better reflect the reality of Internet …