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ETH Price Hits $4,360 — $500B Market Cap Overtakes the World's Biggest Banks

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Published on:
May 12, 2021

In other developments, a Newsweek report suggests that 46 million Americans now own Bitcoin.

ETH Price Hits $4,360 — $500B Market Cap Overtakes the World's Biggest Banks

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Ether has hit all-time highs of $4,360.43 — delivering a market cap of $500 billion that means the cryptocurrency was worth more than Visa for the first time.

 

The surge also meant that this cryptocurrency is collectively worth more than some of the world’s biggest banks — JPMorgan and Bank of America among them.

 

Given how Ether has consistently managed to outperform Bitcoin both this year and last, talk is now returning to whether a “flippening” is possible, making ETH the No. 1 cryptocurrency.

 

Although such a surge may seem ambitious, it’s becoming a little more realistic given how BTC remains stuck in the mud — remaining in a tight range away from $60,000.

 

ETH would be in touching distance of becoming the top crypto if its market cap doubles. Since January 2021, its market cap has risen sixfold.

 

On May 10, Gemini’s Cameron Winklevoss wrote this chin-scratching question:

“Ether broke $4,000 which begs the question: what's the long-term price target? It's a challenging question inasmuch as how do you put a bound on creativity? You can't.” 

Speaking to Bloomberg, Ark Invest’s Yassine Elmandjra declared that ETH is a “multitrillion-dollar opportunity” — but added that he expects to see a “washout” in DOGE’s value.

 

How Many Americans Own Bitcoin? 

In other developments, Newsweek has made a splash after quoting a survey by New York Digital Investment Group that suggests 46 million Americans now own Bitcoin — that’s 17% of the population.

 

Although these figures are being celebrated by heavyweights on Crypto Twitter, others are asking the question over whether these figures are realistic.

 

There are two challenges here: Firstly, the poll was performed back in January, meaning that sentiment may have changed dramatically since then. The other surrounds the fact that the survey had a small (but statistically acceptable) sample size of 1,050 people… and all of them had an income of at least $50,000.

Author(s)

Connor Sephton

I cover the crazy world of crypto.

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