PayPal is considered one of the biggest payments firms when it comes to fiat money. It did start to show some interest in adding cryptocurrencies in its wallet so users can trade, buy/sell, or hold onto any crypto that they want to. But this move wasn’t enough to keep PayPal at the top, and as it happens, Ethereum has finally made the switch by tossing PayPal aside in terms of market capitalization and has now become an ultimate payment firm having a market cap of about $320 billion. This past week or so has been very interesting for Ethereum as it has continued its hike above the price ladder despite Bitcoin taking a mouthful of price drops here and there. Recently Ethereum did reach an all-time high of $2665, but this hasn’t stopped Ethereum from managing to scale all the way to $2800, and it is now trading a little shy of this value.
Ethereum is being Adopted at an Ecstatic Rate that has put Bitcoin Dominance to almost Half
The Bitcoin dominance is currently below 50% and seems to be dropping consistently as Ethereum is getting in the eyes of traders and market capitalists. A speeding factor in all of this would have to be the price drops for gas that fuels the blockchain network of Ethereum, which has led to reduced transaction fees. Thus, a storm of traffic and new traders are coming to settle here. Apart from that, the investors who have analyzed the market closely and all that is happening in there have to say that the bull movement for Ethereum could be for two reasons.
At first, the institutional interest in Ethereum is at its peak. Other than that, the upcoming upgrades coming to Ethereum’s blockchain system would further reduce the transaction fees and provide stability security to it. This has led to more and more people trying out Ethereum, and they like what they see. Moving on to the approval of an ETF could really take the game to a whole other level, but since there are no ETFs active in the US at the moment as SEC still has to come around all the regulations that would support its working, but hope for the best as the crypto market has another champion beside Bitcoin for the very first time.