Ethereum’s market capitalization briefly topped the $ 500 billion mark for a new all-time high. This officially made the network more valuable than Visa.
While Ethereum’s market cap has dropped slightly to $ 496 billion at press time, it is still $ 2 billion ahead of Visa. Ethereum also managed to blow the market caps of Walmart and Wall Street banking giant JP Morgan Chase earlier this week.
Ethereum is currently up 9% and trading at $ 4,310.
Bullish trends for Ethereum and Altcoins
Last Monday morning, Ethereum rose to a new all-time high, topping $ 4,000 for the first time. The upward trend of the altcoin king shows growth of over 450% since the beginning of the year. While many altcoins keep pumping, bitcoin dominance (BTCD) has declined. Earlier this month, BTCD fell below two long-term support levels.
However, the massive growth of the altcoin community has caused a stir among investors. Within the booming crypto industry, Glassnode found that waves of investors seem to be shifting Ethereum from centralized exchanges and platforms to the increasingly popular decentralized finance (DeFi) space.
The performance of other altcoins was also noticeable during the upward season. Cardano (ADA) hit a new high of $ 1.83 on May 9. This happened almost a month after the developers showcased their upcoming work across Africa.
Dogecoin blew the news too. From the first cryptocurrency to fund a space mission to the impact it had on Elon Musk’s SNL performance, meme-inspired altcoin’s performance is on everyone’s radar.
Visa adds value to the Ethereum economy
Last month, some important news from Visa Inc. announced that it plans to process USD Coin (USDC) transactions over the Ethereum network. At the time, this led to a reactionary price increase of around 8%. The move helped bolster the narrative of Ethereum as “ultra solid money” and add more activity to its network.
A month and a half later, the rise in Ethereum’s market capitalization is another indication of the altcoin’s validity in the financial industry.
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