ETH Market Cap Equals PayPal’s After Coin Hits ATH At $27000

The ETH market cap equals PayPal’s after the coin hit a new ATH At $2700 during the Asian trading session following the bullish news from European banks as well so let’s read more in our latest Ethereum news today.

The ETH prices topped $2700 shortly after the early trading session in Asia and build upon the momentum from the previous day trading session. The move added 7% to the price of ETH which has pulled back to the $2640 level as per Tradingview. The new high pushed the coin which means now the ETH market cap equals PayPal’s over $310 billion. Since the start of this year, ETH gained 258% to current prices whereas BTC, by comparison, made about 90% to the current price of $55K:

“$2700 ETH 🚀

Can’t believe it’s so cheap!

— RYAN SΞAN ADAMS – rsa.eth 🏴 (@RyanSAdams) April 28, 2021”

The momentum for the recent push came from the announcement from the European investment bank that has plans to launch a digital bond sale on the Ethereum network. The two-year 100 million Euro or $121 million USD digital bond will be issued during the sale by Goldman Sachs, Banco Santander, and Societe Generale as per the Bloomberg report. The big bank backing gave ETH a boost but it is not the only thing that is driving the momentum at the moment. As reported, the decentralized finance is a big factor as the Ethereum Defi ecosystem is reaching new highs of over 2 million users.

Other bullish on-chain factors include a drop in the amount of ETH being held on exchanges which shows that the holders are not preparing to sell and that ETH is being channeled into a news portal that is better earning like DeFi which now has a record 11 million coins locked up as per DefiPulse. What’s also important is that there is a lot of bullishness on the crypto Twitter community regarding Ethereum this morning with Messari researcher Ryan Watkins commenting on the scale and ambition of the network:

“If Ethereum is successful, it’s economy may eventually grow so large its GDP surpasses that of the leading nation-states. This would change everything we know about economics and politics.”

Bitcoin recorded a smaller gain of 2.7% on the day to reach resistance at $55K but binance coin equaled ETH’s 7% gain with a surge to $562. Some of the other bigger gainers include Cardano, Bitcoin Cash, Vechain, and Uniswap.