Ethereum (ETH) Price Hits US$3,000 for the First Time, Crosses US$346 Billion Market Cap

Ethereum (ETH) price against the US Dollar (ETH/USD pair) has crossed the strong psychological barrier at US$3,000 on Binance exchange in the early trading hours today. At press time on May 3, 2021, the ETH price was hovering around US$3,168.79.

The market cap of ETH currently is US$366,440,784,903 (US$36.64 billion) with a market dominance of 15.88%. This impressive rally has pushed the ETH network’s value (in terms of market cap) way over that of Procter & Gamble (US$326 billion) and PayPal ($308 billion).

In the last 24-hour chart, the Ethereum price has increased by more than 8.72%. In the last 7-days, 30-days, and 2021-YTD, the price increase is 26.23%, 50.07%, and 333.56% respectively. This remarkable price increase of Ethereum has prompted speculation that Ethereum could overtake Bitcoin (BTC) and become the largest cryptocurrency in the world, in terms of market cap. Bitcoin’s market dominance has come down sharply recently with the altcoins performing better than BTC. Bitcoin now holds a 47.68% market share of the total global crypto market.

There are many reasons for this dream run of Ethereum:

• Continued investments by the institutional entities. Earlier this week, the European Investment Bank announced that it is going to issue a two-year digital bond worth $121 million in collaboration with Goldman Sachs and other banking entities.
• Retail interest in DeFi has increased significantly recently. The total value locked numbers reached a record high of more than US$100 billion.
• The “London” hard fork including the EIP-1559 overhaul of Ethereum’s fee structure and ETH 2.0’s transition to a proof-of-stake consensus model are expected soon by the investors. These upgrades are likely to bring down the network’s fees significantly.

However, the competition of Ethereum in the form of other smart contract-enabled layer-one chains is also increasing.

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