Ethereum has continued to print new highs. The world’s second-largest cryptocurrency by market cap is now a few dollars away from hitting $3,000.
As of press time, Ethereum was exchanging hands at $2,969 after hitting a 24-hour high of $2,976.
This year alone, the price of the leading altcoin has rallied by more than 200%. This has resulted in a massive $343 billion market capitalization. The new figure puts the Ethereum network above major companies like Procter & Gamble, Nestle, and PayPal.
For the uninitiated, the market cap of a crypto company is gotten by multiplying its last trading price by the total circulating supply of coins. However, in traditional finance, this figure is assessed by comparing multiples ad valuations in the form of earnings, market share, and sales. It is, therefore, almost impossible to accurately compare the market cap of cryptocurrencies with traditional firms.
As earlier reported by BTC PEERS, hopes are high ahead of the Ethereum London upgrade that is expected to go live in July. Moreover, the leading cryptocurrency has welcomed a new wave of institutional investors following the approval of three Ethereum exchange-traded funds (ETFs) in Canada.