Ethereum is Flipping PayPal’s Market Cap and Nearing the Top 25 Global Assets by Market Cap

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.

Leave a Reply

Your email address will not be published.

Related

Britain’s Chancellor Defers Tough Decisions to The Next Administration

The new British government is characterized by its severance to caution when it comes to its economic administration and its readiness to devote itself to performing just causes, regardless of the financial toll on the political sector.  As its precursor, Liz Truss, in September, decided to divide Britain’s economic organization, and the event exposed enormous […]

Genesis Halts Withdrawals Amid a Collapse of The Digital Currency Market

Genesis Global Capital has stopped processing withdrawals, confirming this week’s rumors. This is the most current lending program to file for bankruptcy. In 2022, Celsius Network, Voyager Digital, and other companies did so. At the moment, Derar Islim is Genesis’ acting CEO. Islim told Investors that the firm is looking at its options and seeking […]

Nayib Bukele Pledges To Buy 1 BTC Daily for El Salvador

The President of Els Salvador has pledged to start buying at least 1 BTC daily. This news emerged months after El Salvador is said to have completed its final BTC acquisition, 80 BTC at quite a cost of $19k each, in July this year. Previous Buy History of El Salvador  As per information from Buy BTC […]

Indonesia’s Central Bank Raises Rates By 50 Bps

In light of a robust economy and “high” inflation expectations, the Bank of Indonesia said on Thursday that it would act more firmly. As a result, the bank has increased the benchmark interest rate for the third consecutive month. A Global Economic Slowdown Bank of Indonesia was expected to increase the 7-day reverse repo rate […]

G20 Countries Commit to Uniting Their Efforts Towards a Robust Global Economic Recovery

Several countries in the G20 organization, the U.S, India, and the EU, have promised to create a robust global economic recovery by providing more employment and encouraging development. The proclamation made by the G20 Bali governors comes after the summit, which discussed solutions to the dilapidating economy, attended by some of the top global rulers. […]