Ethereum’s Market Cap currently exceeds Bank of America and Mastercard

Key Takeaways:

  • The overall market capitalization of Ethereum has soared as it finally passes the $3,000 threshold. It has surpassed some of the largest financial companies in the world, including Bank of America (BoA) and Mastercard.
  • The market capitalization of Ethereum has been steadily increasing in recent weeks, reaching $331 billion just one week ago, a rise of 10.47 percent.

Ethereum’s market value has soared as its price finally surpassed $3,000, overtaking some of the world’s most powerful financial institutions, such as Bank of America and Mastercard. According to figures obtained by Finbold from CompaniesMarketCap.com, the market cap of Ethereum was $366.13 billion at press time on March 24, while the market caps of BoA and Mastercard were $347.51 billion and $337.12 billion, respectively.

Ethereum Vs Others
Ethereum vs Others

In terms of market capitalization, Ethereum is the second most valuable cryptocurrency. With a market capitalization of $816.33 billion, Bitcoin is the most valuable cryptocurrency, and its value continues to rise.

The price of ETH has hit a peak of $3,000 today after a three-week decline. Bitcoin, too, has been under the pine for two weeks.

Ethereum 7 Day Mcap
Ethereum 7 Day M-cap

It’s worth noting that, as things stand, only one bank has successfully avoided succumbing to Ethereum. At the time of writing, JPMorgan Chase had a market capitalization of $412.74 billion.

EIP-1559 had a total of 2 million ETH burnt. The “merge” from Proof-of-Work to Proof-of-Stake is the next protocol modification for the blockchain. With the effects of EIP-1559 and decreased emission levels from the switch to Proof-of-Stake, ETH could quickly become a deflationary asset.

Ethereum currently has two chains running in parallel: proof-of-work and proof-of-stake. While both chains have validators, only the proof-of-work chain executes user transactions at the moment. Once the integration is complete, Ethereum’s blockchain will entirely transition to the Beacon Network, a proof-of-stake chain that will make mining obsolete.

As a result, Ethereum’s energy usage is expected to be reduced by 99 percent. More institutional investors are expected to acquire Ether, fully utilize blockchain, invest in its network, and increase adoption as a result of the lower environmental effect.

The market capitalization of Ethereum has been steadily increasing in recent weeks, reaching $331 billion just one week ago, a rise of 10.47 percent.

It was  previously reported on the enormous $20 billion inflow into Ethereum’s market cap in mid-March, suggesting the DeFi asset’s route to rebound marked a series of trading in the red.

EIP-1559 was intended to improve Ethereum’s fee market, which traditionally relied on an auction process, making transaction pricing uncertain. EIP-1559 mandates that users pay a “base fee” for transactions, as well as an additional tip to miners, in order for their transactions to be processed promptly during periods of high congestion.

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Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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