June 24, 2024
Ethereum Surpasses Mastercard in Market Cap
Latest Cryptocurrency News

Ethereum Surpasses Mastercard in Market Cap

The growing influence and acceptance of Ethereum (ETH) in the global financial system have been highlighted by the latest Odaily data, which reveals the remarkable rise of digital assets into the 26th position of the global asset rankings. With a current market capitalization of $443.8 billion, Ethereum has overtaken several well-known brands, including MasterCard, which has a market cap of $427.3 billion.

For context, MasterCard is a multinational financial services corporation with significant global prominence. This achievement underscores the transformative impact of blockchain technology across various sectors, including finance. Notably, this is not the first time Ethereum has surpassed MasterCard in this ranking. In 2021, Ethereum exceeded MasterCard’s market cap with a valuation of $377 billion. At that time, Ether, the native currency of the Ethereum blockchain, had surged over 50%, gaining momentum from the launch of the London Hard Fork upgrade.

Recent Surge in Ethereum’s Valuation

According to the latest data, the recent surge to this level of valuation was driven by a 17% increase in ETH’s price over the last 24 hours. This extends its seven-day rally to 25.5%, with the asset currently trading at $3.6k. Analysts have identified the primary driver behind this sharp surge as the anticipation of the potential approval of spot Ethereum exchange-traded fund (ETF) applications. Recently, Bloomberg analysts James Seyffart and Eric Balchunas raised the chances of approval from 25% to 75%, citing possible political pressure on the SEC.

Before this, there were concerns that the applications might be denied due to a lack of engagement between the ETF issuers and the SEC. Legal analysts like Scott Johnsson suggested that the SEC might classify Ethereum as an unregistered security. In contrast, Alex Thorn, head of research at Galaxy Digital, believes that the regulator would recognize Ether as a non-security, although staked Ether would likely be flagged as a security.

Implications of ETF Approval and Future Predictions

Additionally, popular crypto analyst Jake Chervinsky expressed that such an approval would be “shocking” to everyone he knows in DC. He explained that this could indicate a major shift in US crypto policy following the bipartisan vote of SAB 121. Balchunas, explaining his recent position, stated that the reassessment of the odds stems from a recent report that the SEC has instructed exchanges to promptly update their 19b-4 filings. If this development proceeds as anticipated, the approval could occur by May 22.

Observing this development, analyst Ali Martinez predicted that the price of ETH could be poised for a significant recovery. Martinez explained that the TD Sequential indicator for ETH shows a buy signal on its daily chart, aligning with a recent $10,000 price prediction reviewed by Crypto News Flash.

The anticipation surrounding the potential approval of Ethereum ETFs, coupled with the recent surge in ETH’s price, underscores the increasing significance of blockchain technology and digital assets in the global financial landscape. Ethereum’s ability to surpass major traditional financial corporations like MasterCard highlights the shifting dynamics and the potential for further growth and acceptance of cryptocurrencies in mainstream finance. As regulatory landscapes evolve and market conditions fluctuate, the future of Ethereum and other digital assets will continue to be a focal point for investors and analysts alike.

Image by wirestock on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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