Ethereum Market Cap Hits $306.68B, Surpasses Alibaba as Abraxas Capital Buys $500M ETH Amid Price Rally

Ethereum’s market capitalization has surpassed that of Alibaba, with Ethereum valued at approximately $306.68 billion compared to Alibaba’s $303.72 billion. This milestone marks a decentralized network overtaking one of China’s largest technology companies in market value. Concurrently, Ethereum’s market cap has also exceeded that of Coca-Cola. The surge in Ethereum’s valuation has been accompanied by substantial buying activity from Abraxas Capital, a London-based asset management firm. Over the past six days, Abraxas Capital has acquired nearly $500 million worth of Ethereum, purchasing over 211,000 ETH. The firm reportedly borrowed $240 million in USDT from the decentralized lending platform Aave and transferred it to Binance, suggesting continued accumulation of Ethereum assets. This buying spree coincides with Ethereum’s price rally past $2,600. There is speculation about the identity and motives of Abraxas Capital, with some noting previous transactions linking it to Alameda Research before the latter’s collapse. The increased institutional interest and market cap milestone highlight Ethereum’s growing prominence in the cryptocurrency and broader financial markets. This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz . To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

Source: The Defiant