ETH has hit a new high, with its market capitalization now rivaling some of the largest companies on Wall Street.
The cryptocurrency market is currently outperforming traditional investments once again.
This has led to a new generation of institutional investors focused entirely on cryptocurrencies.
ETH is now bigger than some of Wall Street’s biggest players, including Wells Fargo and Morgan Stanley, as well as payments giant American Express.
Ethereum, the giant
The market capitalization of Ethereum (ETH) reached $ 200 billion for the first time in its history yesterday.
The gigantic valuation comes after the industry’s second cryptocurrency climbed to a new all-time high of $ 1,752.05, according to CoinGecko data.
This makes Ethereum (For Ethereum buying guide ), a decentralized ecosystem without a central authority or strategy more valuable than some of the biggest companies on Wall Street in terms of market capitalization.
For example, banking giant Wells Fargo has a market capitalization of $ 134.5 billion based on the latest data. Competitor Morgan Stanley is not far behind at $ 103.4 billion.
Payment giant American Express is valued at $ 93.5 billion, just below the twelve-zero mark.
Market capitalization measures the total value of all tokens on a platform (or a company’s shares) that exist at the current market price.
Crypto takes on Wall Street
It goes without saying that the cryptocurrency market comes into its own. After recently surpassing the $ 1 trillion mark, several projects are reporting new all-time highs every day.
On Saturday, Binance Coin (BNB) rose over 25% to hit an all-time high of $ 75.50. As a result, BNB became the seventh largest cryptocurrency by market capitalization, ahead of the “legacy cryptocurrency” Litecoin (LTC).
BNB’s market capitalization is currently $ 10.5 billion. Additionally, the total market capitalization of the entire market is now over $ 1.23 trillion.
Valuation isn’t the only way cryptocurrencies are conquering Wall Street. For example, a group of users on the Reddit online forum last month used the internet forum to support the stock of video game retailer GameStop (GME).
The resulting rally resulted in many Wall Street firms that had bet against GME licking their wounds as the stock’s value skyrocketed and shorts had to be liquidated.