The second-largest cryptocurrency, Ethereum, now has a bigger market cap than some global banks. At the time of writing, the ETH market cap hit $523 billion, which places this coin at the top 15 assets based on market capitalization, observed globally.
Ethereum Hits a Milestone
Based on the latest information, Ethereum managed to surpass the market cap of every bank, including JP Morgan.
For comparison, the JP Morgan organization has been around for the last 40 years, while Ethereum blockchain has existed for only about 10 years.
Today, with a market capitalization of $523 billion, Ethereum stands together with Amazon, Tesla, Microsoft, and other prominent companies.
This increasing market capitalization for both Bitcoin and Ethereum shows incredible interest for massive adoption, coming from retail and investment institutions. It also shows to which extent the top cryptocurrencies can go and how crucial the cryptocurrency industry is for the global economy.
More on Ethereum
Ethereum is an open-source, decentralized blockchain, with ETH being its native currency. Ethereum has a robust blockchain network that facilitates the execution of smart contracts. These smart contracts help run decentralized finance platforms, NFTs, and many other applications.
So far, Ethereum has had a great year, with its price increasing by over 600%. At the moment, the Ethereum network has over one million transactions daily. This makes it the most used blockchain and cryptocurrency globally.