Ethereum Surpasses Visa as Its Market Cap Hits $500 Billion for the First Time

The market cap of Ethereum has surpassed $500 billion for the first time in history at 3:46 a.m. UTC, which is a major milestone for the leading altcoin.

Ether reached a new all-time high of $4,351 at 3:55 a.m. UTC, which propelled the cryptocurrency's market cap to a local peak of $504 billion. 

It is currently worth more than the financial services giant Visa that started piloting transaction settlements in the USD Coin (USDC) stablecoin on the Ethereum blockchain last month.                         

Bitcoin's dominance continues to plunge 

The renewed Ether rally continues to crush Bitcoin's dominance. The king's market share has now plunged to just 44 percent from nearly 74 percent in early January.

Bitcoin is trading at $57,771 on the Bitstamp exchange at press time.