By Tobi Loba
Ethereum (ETH), the second-largest cryptocurrency, hit $200 billion about 24 hours ago for the first time in history.
According to the data from CoinGecko, the leading cryptocurrency reached this milestone after soaring to a new all-time high of $1,752.
This notable increase made Ethereum (ETH) more valuable than some of the largest companies on Wall Street based on market capitalization.
Ethereum’s market cap is now bigger than:
Wells Fargo
Morgan Stanley
American Express
Goldman Sachs
Citigroup
BlackRock
HSBC
IBM— Bloqport (@Bloqport) February 6, 2021
For instance, the banking giant Wells Fargo has a total market capitalization of $134.5 billion according to the latest data. While its competitor Morgan Stanley is not far behind with $103.4 billion.
Payments global processing giant American Express sits just under the twelve zeros mark with a valuation of $93.5 billion.
Market capitalization measures the total value of all the tokens of a platform or the share of a business in existence at the current market price.
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Crypto Challenges Wall Street
It goes without saying that the crypto market is coming into its own. In fact, after recently passing the $1 trillion mark, several projects are recording new all-time highs on a daily basis.
On 6th February, Binance Coin (BNB) surged over 25% to record an all-time high of $75.50. Due to this significant surge, BNB became the seventh-largest cryptocurrency by market capitalization, displacing Litecoin (LTC).
BNB’s market capitalization currently sits at $10.5 billion. Moreover, the total market capitalization of the entire market is now over $1.23 trillion.
Valuation is not the only way cryptocurrencies are taking on Wall Street. For instance, a group of Redditors took to the internet forum last month to support video-games distributor GameStop’s (GME) stock.
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The resulting rally left many Wall Street firms that had bet against GME licking their wounds as its value soared and caused shorts to be liquidated.
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