The crypto market has hit a record high after Ethereum and several other leading cryptocurrencies reached all-time highs on Wednesday.
The overall market is now worth more than $2.75 trillion, according to CoinMarketCap’s price index, making it more valuable than the world’s richest companies.
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Ethereum’s record-breaking rally saw it reach above $4,600 for the first time in its history, with a market cap approaching $550 billion.
This puts it above JPMorgan Chase, the world’s largest bank by market cap, as well as payments giants like Visa, Mastercard and PayPal.
Bitcoin did not see a record price high but rose more than 3 per cent over the last 24 hours and is currently trading above $63,000 – less than $4,000 away from the all-time high it reached in October.
Several leading crypto analysts predicting a strong end to 2021, with one popular price prediction model putting bitcoin on track to hit six figures before the end of the year.
More to follow.
