Today, Ether has passed the psychological mark of $3,000, growing to over $3,100 at press time.
As a result, Ethereum has now overtaken institutions such as the Bank of America and The Walt Disney Company, when it comes to the total market cap. ETH has registered an increase of 24% on the week to $346.72 billion. Meanwhile, Bitcoin has a market cap of $1.079 trillion, below silver with $1.416 trillion, but above Facebook, which has $923.12 billion.
As a result of these numbers, the idea that Ethereum may “flippen” Bitcoin and become the largest digital currency in the world has registered new interest.
This upswing in Ethereum’s value comes as a result of the continued increase in activity on the chain (which includes institutional entities such as the European Investment Bank) and retail interest in DeFi. The EIP-1559 overhaul of Ethereum’s fee structure and the forthcoming transition to ETH 2.0 are also highly important for the price increase.