Ethereum, the second cryptocurrency by market cap, continues to record new heights, at the moment, it just a few dollars from hitting $3, 000.
In the last press reporting in April, Ethereum was trading at $2, 969 just a little lower than the reported 24-hour trading high of $2, 976.
Ethereum prices this year alone have risen by more than 200 percent. That has seen its total market capitalization increase to $343 billion. The massive cap places Ethereum above major companies that include Nestle, PayPal, Procter, and Gamble.
Crypto companies not initiated derive their market cap by multiplying their last trading price by the total circulating supply of coins. In traditional finance, the figure is obtained by comparing multiples ad valuations. The ad valuations are in the form of earnings, sales, and shares. This makes it’s almost impossible to properly compare the market capitalization of cryptocurrencies with that of traditional firms.
BTC PEERS reported earlier that the Ethereum London would be launched in July. Since the approval of three Ethereum exchange-traded funds (ETFs) in Canada, more institutional investors have shown interest in the currency.