Ethereum overtakes platinum and continues its rise as the European Union sells Ethereum bonds
Ethereum(ETH) is closing in on the top 30 most valuable assets in the world. Its recent price breakthrough provides enough evidence that the proof-of-stake network is experiencing a bull-market.
With the second largest cryptocurrency in the world recording new all-time highs, its total market value has surpassed that of mined platinum.
New all-time high
On Wednesday ETH made a new all-time high of a little over $2,757 according to CoinMarketCap data. With a current value hovering around $2,730, Ethereum’s total market cap accounts to near $315.4 billion.
Having overtaken platinum, Ethereum is now the 33rd most valuable asset in the world, according to comparison website CompaniesMarketCap.com.
It is quite an achievement, considering that Platinum is the best-performing precious metal of the year with a 14% return on investment this year so far. While silver and gold have declined, Platinum’s gains are nowhere near Ethereum’s performance this year and that of other cryptocurrencies.
Massive year
The future is looking immense bright for Ethereum. Performance wise, Ethereum has been running incredibly hot this year. The runner-up cryptocurrency gained a stunning 360% since New Years’ Day. ETH represents 15.% of overall market cap for digital assets. Its surge was powered by increased adoption of decentralized finance, some strong updates on its network and, probably a most important factor, the convincing bull-run that cryptocurrency is currently experiencing.
More milestones are within reach as the next six most valuable companies or assets are currently within reach of $35 billion market cap. Most of them are ‘traditional’ or ‘non-crypto’ companies.
Ethereum based ‘Euro Bonds’
On Wednesday, news also broke that The European Union’s investment arm, the European Investment Bank, has sold €100 million worth ($121 million) of digital bonds on the Ethereum blockchain. This was reported by Bloomberg. The bonds consist of two-year notes with a zero percent coupon. Goldman Sachs, Banco Santander and Societe Generale reportedly partnered in the release.
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Source: igaming
