Ethereum, the second-largest crypto asset in the world, is the latest digital asset to join the $500 billion market cap club. Following Bitcoin’s recent rebound, retail demand for Ethereum has increased significantly in the past 24 hours.
Ethereum Surpasses $500 Billion for the First Time
According to the latest data released by Coinmarketcap, the market value of Ethereum exceeded $500 billion for the first time in its history on Wednesday. ETH has increased more than 10% in the past 24 hours.
In addition to the recent price increase by ETH, the demand for ETH from large cryptocurrency holders has also increased significantly in recent weeks. Data from the well-known on-chain analysis platform Santiment shows that the Ethereum stocks at top ETH addresses have increased by almost 14% in the last 10 weeks.
Sentiment reported in a recent tweet that Ethereum’s top addresses have been piling up at ETH since the beginning of August, and it is not surprising that the second largest crypto asset is approaching its own all-time high. In the past 10 weeks, addresses with 1 million to 10 million ETH’s have increased by 13.9% more.
Ethereum is still one of the top-performing cryptocurrencies and will be in the top 5 in 2021. The price of ETH jumped from nearly $730 on Jan 1st to an all-time high of $4,297 on May 12th. ETH is up almost 60% in the last 30 days.
The Dominance of the Crypto Market by Ethereum
Due to the significant upward trend of Bitcoin, the overall dominance of Ethereum has gradually decreased over the past few months. However, Ethereum’s recent rebound has increased the market dominance of the world’s second-largest digital asset. ETH now accounts for around 17% of the total value of cryptocurrencies.
In the recent bullish rally, ETH on-chain activity (including its active addresses) soared this week. According to Ethereum’s leading block explorer and analysis platform Etherscan, the ETH 2.0 custody contract now includes more than 7.9 million secured ETH. The total value of the coins deposited now is approximately $33 billion.