Ethereum crosses $500 Billion market cap

Ethereum crosses $500 Billion market cap

Ethereum, the second-largest crypto currency in the world, joined the $500 billion market cap club. Ethereum’s retail demand saw a significant increase in the past 24 hours after the Bitcoin rally.

The latest data from Coinmarketcap shows that Ethereum’s market capital has crossed $500 billion for the first time ever. ETH has risen more than 10% over the past 24 hours.

The latest price jump for Ethereum has meant that large crypto holders have been in demand for it. Santiment data, a well-known on-chain analysis platform, has shown that top ETH addresses have increased their Ethereum holdings by almost 14% over the past 10 weeks.

“Ethereum’s top addresses are steadily accumulating ETH since early August. It’s not surprising to see the number two asset approach an All-Time High. “In the last 10 weeks, addresses holding 1M-10M ETH have added 13.9% to their bags,” Santiment noted in a tweet.

Ethereum was one of the most successful cryptocurrencies in 2021. The price of ETH rose from $730 on January 1 to an all-time high at $4,297 on May 12. In the past 30 days, ETH prices have risen by nearly 60%.

Ethereum’s Crypto Market Dominance

The bullish move by Bitcoin has caused the overall dominance of Ethereum’s crypto market slowly to fall over the past few months. The market dominance of Ethereum, the second-largest digital currency in the world, has been boosted by its recent rally. ETH now represents approximately 17% of all cryptocurrencies’ overall value.

ETH’s onchain activity, including its active addresses, has also increased this week due to the bullish rally. Etherscan is a block explorer and an analytics platform for Ethereum. The deposit contract for ETH 2.0 now holds more than 7.9 Million staked ETH. The total amount of deposited coins is now around $33 billion.