Ethereum is seeing some bullish price action on the morning of May 10. ETH has surged above $4,000 for the first time ever.
Ethereum’s 5% gain over the past 24 hours has pushed prices to a record $4,140. It’s built on gains that have seen the second-largest digital asset increase by 40% over the past seven days and double in price over the past thirty.
Since the beginning of this year, Ethereum has made a whopping 460% to current prices. Comparatively, Bitcoin has only managed to gain 105% to its current price around $59,350 at the time of press.
ETH market cap bigger than Walmart
Ethereum’s market capitalization is now at just below $480 billion which puts it above MasterCard and Walmart, which have around $395 billion. The next target on the market cap chart is Wall Street banking giant JP Morgan Chase which has $488 billion according to Companies Market Cap.
Ethereum has been attracting more institutional interest in this market cycle than it ever had before as asset managers look to expand portfolios beyond bitcoin. Crypto Quant CEO, Ki Young Ju, noted that there was an increase in the Coinbase premium, which is a price discrepancy between that exchange and others, just before ETH prices really started to take off.
“Still an insane $ETH Coinbase premium. Selling $ETH now seems not a good idea in the long term. Follow US institutional investors, not against them.”
Others have suggested that Coinbase itself has been buying up Ethereum, realizing its potential as the financial basis of the internet. Morgan Creek managing partner Mark Yusko added to this sentiment by comparing Ethereum to the “www” standard of the internet during an interview on CNBC on Friday.
Altcoin strength
Ethereum is not the only crypto asset making solid gains this morning. Binance Coin (BNB) continues to build on insane momentum as it adds a further 4% on the day to reach $673. Meanwhile, Litecoin has jumped 16% to hit its own all-time high of $410.
Cardano (ADA) also looks strong, reaching an ATH of $1.82 on Sunday. Polkadot (DOT) has added another 5% to close in on $42 at the time of press.
Dogecoin (DOGE) is currently sliding from its May 8 ATH of $0.73 and is currently trading at the $0.53 level.
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