Hong Kong, China -- (ReleaseWire) -- 07/05/2021 -- Ethereum has exploded in the last 12 months. The price increased more than 16 times from $206 on May 7, 2020 to $3465 on May 6, 2021, while the market value jumped 17 times from nearly $23 billion.

A few months after breaking through the top ten obstacles, Ethereum, the largest alternative to bitcoin, has now entered the top five, which is composed of the most valuable names in the financial services industry.Ethereum, the second-largest cryptocurrency, has a market value of US $403.84 billion, accounting for nearly half of bitcoin's US $1 trillion market value, followed by VISA's US $504.75 billion and JPMorgan Chase's US $478.49 billion. According to CompaniesMarketCap, financial services companies are at the top of bitcoin.

"Ethereum has always been very popular among developers, especially because it provides a platform through which people can create Dapps(decentralized applications) and smart contracts to achieve further blockchain innovation." "These innovations help stimulate the growth and creation of tokens and NFT, and help decentralize finance. " Darshan Bathija, CEO of Vauld, a Singapore-based crypto trading platform, told Financial Express Online. NFT is an irreplaceable token. Different from cryptocurrency, NFT can't be replaced by the same token and used to represent real-world objects such as paintings or houses.

Ethereum has exploded in the last 12 months. According to CoinMarketCap, the price has risen more than 16 times from $206 on May 7, 2020 to $3465 on May 6, 2021, while the market value has jumped from nearly $23 billion to more than 17 times. Although it is not possible to compare cryptocurrency with Visa, JPMorgan and other entities, considering that cryptocurrency is a point-to-point software system and cryptocurrency is a profit-making business, in theory, Ethereum is the 25th largest asset market in the world, which shows the data from CompaniesMarketCap. In addition to listed companies, the top assets on the list include precious metals, such as gold and silver, and ETFs.

There are three main reasons for Ethereum's surge.First of all, the effectiveness of Ethereum as a global financial settlement layer has been greatly improved.Now, 77 billion dollars have been deployed in ethereum based projects, and the number is growing rapidly. This rise began in June 2020, now known as the summer of DEFI, and continues to grow. Edul Patel, chief executive officer and co-founder of Mudrex, an automated encryption trading platform, said: "in addition to this NFT, other product innovations on ethereum are now being adopted on a large scale."

Patel said the other two reasons are bullish market sentiment, as cryptocurrency has become the favorite of institutional investors, with more than $14.4 billion flowing into cryptocurrency in the past 12 months. Most of them have entered bitcoin, and investors are looking to diversify cryptocurrencies. Finally, according to Patel, in the past two weeks, companies such as Standard & Poor's (S & P) and Grayscale have announced important announcements about the establishment and launch of institution centered funds, which has helped Ethereum's prosperity.

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