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:
— 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.
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.
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.