The ether price, which had already risen five-fold this year, continued to rise early Monday, breaking through the psychological barrier of $4,000 for the first time. Ether, the Ethereum blockchain's native cryptocurrency and the second-largest overall, reached $4,096 at the time of press.
This year alone, the second-largest cryptocurrency price by market capitalization quadrupled, outperforming the largest cryptocurrency, bitcoin, which has increased. Ether, which is traded on the Ethereum network, has increased by nearly 450 percent in 2021.
Ether's market capitalization is currently around $470 billion, close to the $488 billion stock market value of JPMorgan Chase, the largest bank in the United States.
ETH has now surpassed the market capitalization of consumer goods behemoths Wal-Mart and Johnson & Johnson and is on the verge of overtaking JPMorgan Chase, the largest American bank by assets under management.
As a result of ETH 2.0, the network will move to a proof-of-stake consensus model, which is expected to reduce sell pressure and promote asset keeping. A section of the increase may be attributed to growing institutional interest in the asset. Institutions purchased over $30 million in ETH at the end of April, according to a Coinshares study released this week, says Cointelegraph.