Ethereum Market Cap Hits $570 Billion, Surpassing Netflix and Mastercard
Ethereum (ETH) achieved a market cap of $570 billion on August 13, surpassing major companies like Netflix and Mastercard, valued at $518.4 billion and $521.9 billion, respectively.
Current trading price for ETH is around $4,700, reflecting:
- 5% intraday gains
- 55% rally over the past 30 days
This performance significantly outpaces Bitcoin's 2% increase in the same timeframe.
Key drivers include:
- High inflows from Ethereum spot ETFs
- Corporate treasury purchases from firms such as BitMine, Fundamental Global, and Sharplink Gaming
On-chain metrics indicate that Ethereum's average transaction size surged from $2,555 on July 6 to $15,845 by August 12, signaling increased retail participation alongside whale buying.
Recent corporate fundraises suggest further bullish sentiment, with potential price targets set towards $5,000 if ETH closes above $4,758. Key support is noted at $3,889, while a drop below $4,578 could lead to a pullback to $4,000.
Additionally, BTC Hyper, a Bitcoin Layer 2 project, gained attention amid Ethereum's rally, raising $9.175 million in presales, offering low-cost transactions and staking rewards.