Ethereum has been on a recent bull run that has culminated in the value of its market cap beating that of major financial institutions like Wells Fargo, Morgan Stanley and even American Express. The market cap of the second-largest digital coin now stands at above $200 trillion for the first time in its history.
Available data from Coingecko have also shown that the value of Ethereum also reached a new all-time high of $1752.05 which indicates that the asset is on a bull run that is just kickstarting. As it stands, especially with its record high market cap, ETH is now more valuable than some of the most popular Wall Street firms.
Wells Fargo, one of the biggest banks in the world, has a market cap of $134.5 billion, while that of Morgan Stanley stands at $103 billion. That of the top payment processing institution, American Express sits around $94 billion. All of these pale significantly against the market cap of Ethereum that touched the $200 billion mark but is now $191,764,360,787.
Market capitalization is often used to measure the total value of business shares, and in case of cryptocurrencies, the value of all of the platform’s tokens that are in existence at the current worth of those assets.
Crypto Industry Showing No Sign of Stopping
We have witnessed incredible performance by crypto assets who have recently experienced gains in the market. The market cap of the crypto industry also broke its $1 trillion mark recently showing that the industry is generally performing well.
This can be tied to the influx of new institutional investors and retail investors who are beginning to have a more positive view about what the crypto space could do for them.
A classic example of this is the native token of Binance that has surged to a new all-time high and has climbed to as high as seventh on the rankings of the top ten crypto assets by market cap. BNB, like other cryptocurrency, has been buoyed by the industry bull run.