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Ethereum Breaks The $500 Billion Mark For The First Time

It wasn’t that long ago that a $500 billion market cap for Ethereum looked some way off after the price spent about 3 months consolidating in price. Today though marked another landmark moment for the second-biggest cryptocurrency as the coin reached this milestone for the first time in its history. At the time of writing the market has experienced the smallest of dips with the price falling back to just below $4000. This leaves the market cap with a value of $464 billion.

Following this recent surge by Ethereum, the coin is now bigger than Visa and JPMorgan in terms of market capitalization. This is according to data from the financial information website MarketWatch. This also comes on the same day that the entire market cap for the crypto industry touched $2.5 trillion dollars. This means that currently, Ethereum makes up 20% of the entire crypto industry. Bitcoin and Ethereum in total combine for 62% of the entire industry.

Megan Kaspar, a crypto analyst and co-founder of digital asset investment firm Magnetic now believes that the price of Ethereum will be somewhere between $8k and $10k by the end of the year. This might be considered modest by some people as this would only be a 2X from this position but this would mean that another $500 billion would need to be pumped into Ethereum so we believe the price to be fair.

Throughout this following dip, we suggest that you look at some other coins such as Chainlink, XLM, and Litecoin if you want the possibility of experiencing some larger gains without taking the risk of gambling on some largely unknown piece of crypto. There is no doubt that the price of Ethereum can continue rolling but for now, at least we do expect some stabilization in price especially when you consider the price of the gas fees.

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