Friday, June 18, 2021

Ethereum (ETH) Is Now Bigger Than Wells Fargo, Morgan Stanley, American Express, IBM

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.

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.

Read Also: Gemini’s Tyler Winklevoss Says ‘When in Doubt, Ethereum” As ETH Is Now 9% Away from ATH

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.

Read Also: Fundstrat Global Strategist Says Ethereum (ETH) Has Potential to Hit $10,500

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.

Follow us on Twitter, Facebook, Telegram, and Download Our Android App.

Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

Related Articles

Latest Articles