Ethereum continues its wild run as the price breaks $4,000 for the first time. After passing the psychologically significant barrier on multiple exchanges, including Coinbase Ethereum, eclipsed to $4,000 for the first time on May 10th.
Moreover, this new milestone came just a week after it broke $3,000. In addition to this, ETH overtook Bank of America last week as the 28th largest asset in the world. ETH has now eclipsed the market cap of consumer staples Wal-Mart and Johnson and Johnson. In addition, its value is at $454.49 billion as of today.
However, it started knocking on the door of JP Morgan Chase. Additionally, Chase is the largest American bank by assets under management. So, we can link the increasing institutional interest in this asset to the part of the rise. Coinshares reports said that all the Institutions bought over $30 million of ETH by the end of April.
However, all the money managers are thought to own $13.9 billion in ETH or ETH vehicles.
Moreover, they have been many significant strides in the adoption. Moreover, the European investment bank also announced that they would be issuing a $120 million Bond on the world’s most significant layer-1 collaboration with major banking entities like Goldman Sachs.
In addition, the growth of decentralized finance is one of Ethereum’s key communities and cases also continuous at a remarkable clip.