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

Stefan by Stefan
28/04/2021
in Ethereum News
Reading Time: 2 mins read
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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.

ethusd
ETHUSD 1hr, Coinbase – Tradingview.com

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:

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“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.”

Altcoins Start Sell-off, btc, bitcoin, market,

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.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Tags: eth market capeth market cap equalsethereum market capfeaturedpaypalpaypal market capprice
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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