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.


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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.

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