Ether's price hit a new all-time high on Wednesday, reaching $4,346, a new all-time high. On Wednesday, the market capitalization of Ether briefly reached $500 billion, hitting approximately $505 billion.
At the time of press, the price of ETH was $4,304, with a market capitalization of $496.86 billion.
Ether, the Ethereum network's native cryptocurrency, surpassed the $500 billion market cap mark on Wednesday.
According to CoinMarketCap numbers, Ether's total value climbed as high as $505 billion before falling slightly, surpassing financial behemoths JPMorgan ($480 billion) and Visa ($496 billion).
After Bitcoin, Ether is the second cryptocurrency to reach a market capitalization of $500 billion. Ether grew to be a half-trillion-dollar asset in a fraction of the time.
After Ether's price surpassed $3,000 on May 3, Ethereum co-founder Vitalik Buterin became a billionaire.
Bitcoin, which was launched in January 2009, took nearly 12 years to hit a market capitalization of $500 billion in December 2020, at a price of more than $27,000. Ether has been five years and ten months since the first version of the Ethereum blockchain protocol was released in July 2015.