The Ether cryptocurrency has a market capitalization of $376 billion, second only to bitcoin’s $1.08 trillion.
Ethereum’s cryptocurrency surged past $3,000 for the first time early Monday morning, marking a 325% rise since the beginning of this year.
Ether’s value has surged since the beginning of 2021, largely due to the rising popularity of decentralized finance applications that are aiming to replace traditional financial intermediaries like banks and insurance companies.
Ethereum is currently the most actively used blockchain while ether is the second-largest cryptocurrency after Bitcoin by market value.
Both cryptocurrencies have seen an astronomical surge in 2020 and 2021 so far as the mainstream finance world, including institutional investors, embrace crypto as a legitimate asset.
Ether has more than quadrupled in dollar value. It now has a market capitalization that exceeds that of Bank of America, the second-largest bank in the U.S.