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Ethereum is Nearing a $2 Billion Market Cap

Last Updated March 4, 2021 4:54 PM
Andrew Quentson
Last Updated March 4, 2021 4:54 PM

Ethereum has almost doubled in the past two weeks, rising from around $10 to stand near $19. Its market cap has also risen to almost $1.7 billion, an all-time high.

Ethereum Nearing All-Time High – image from cryptowatch

Eth is now the only digital currency, besides bitcoin, to gain such a high total value. It has retained a market cap above or near $1 billion for almost a year, now seemingly headed for $2 billion, the first digital currency to ever do so besides bitcoin.

The spark appears to be Enterprise Ethereum, an alliance of numerous household brands, including JP Morgan, Microsoft, Santander, Intel, BP, CME and many others. They are positioning to take advantage of blockchain technology with ethereum apparently rising as a favorite due to having a public blockchain which indirectly provides greater security for private eth based blockchains.

Moreover, there are unconfirmed suggestions that the currency is gaining greater adoption and awareness, with a public report stating that a Sony representative  mentioned ethereum at a Game Developers Conference.

The technology’s smart contract capabilities allow for added benefits in fantasy games, such as increased transparency and reduced cheating ability. Moreover, its decentralized currency, or tokens built on top of eth, allows for greater control.

Although fantasy game might not be the first thing that comes to mind when you think of blockchain technology, interest in ethereum spans industries, from fishing to entertainment, financial companies, of course, but also tech companies interested in building the internet of things. It is the first time an oil company, such as BP, has shown interest, but even airlines are known to be testing.

It appears individuals and companies are betting on eth because of, among other things, its highly capable development team which has successfully steered the currency through difficulties that sent eth down to almost $5 in December.

Even then, it appeared obvious the currency would roar again. Its fundamentals are arguably stronger than any other, with the currency seemingly headed for its all-time high, surpassing it in market cap.

Bitcoin too, has been roaring, surpassing gold parity, but there, it appears only half of the community is partying, with the rest worried about bitcoin transaction backlogs and fees, which too are at or nearing their all-time high.

Nonetheless, it appears boom times have arrived across this space. The party is here. We might all as well enjoy it while it lasts.

Featured image from Shutterstock.