Ethereum market cap is now ahead of the largest bank in the world

Regardless of the current bearish situation, this year is one of the crypto industry’s best years as it has seen mass adoption from institutional and retail investors. And this has had an impact on Ethereum as the market capitalization of this king altcoin has now surpassed that of the world’s largest bank, JPMorgan.

Ethereum market cap is now beyond that of the biggest banks in the world

According to data from CoinMarketCap, the market capitalization of ETH on December 1 surpassed the limits of some of the largest financial institutions, including JPMorgan, in the world. The market capitalization recorded $ 550 billion before falling to the current $ 516 billion. This development is seen as an indication of how far the coin has come in recent times.

ethereum-market-cap-is-now-ahead-of-the-largest-bank-in-the-world

Source: Kris Kay

Going further, Ethereum has been around for less than a decade, while the largest bank globally, JPMorgan, has been around for at least 40 years. Even though Ethereum’s market cap is at $516 billion, it is still in the top 15 assets by market capitalization globally, on par with the Meta of Facebook, Tesla, Amazon, Bitcoin, Apple, Microsoft, and other popular properties before that.

The Ethereum blockchain is undoubtedly one of the most popular and most used blockchains in the crypto market. It is the most preferred blockchain for DeFi applications because of its helpful smart contract feature. In addition, Ethereum also processes more than 1 million transactions daily, making it one of the most used cryptocurrency networks.

However, Ethereum’s growth is being hampered by the record-high transaction fees it has faced with the implementation of EIP-1559 and the move to become a Proof-of-Stake network.

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