The market capitalisation of the world's second-biggest cryptocurrency ether has hit a milestone. According to data from infinite market capitalisation, it has surpassed that of every global bank including JP Morgan.
It is particularly significant since the ethereum blockchain has only existed for less than a decade, while JP Morgan has been a prominent bank for the last 40 years.
Ether’s market capitalisation was close to $523 billion at the time of writing, putting it among the top 15 assets by market capitalisation globally. It is standing tall with the likes of Amazon, Tesla, Meta, Microsoft and other top assets. Bitcoin’s market cap was around $970 billion.
The increasing market capitalisation of top cryptocurrencies like bitcoin and ethereum shows the extent of the growth in the digital asset industry and the massive adoption from both retail and institutional investors.
How did Ether get here?
Ethereum is an open-sourced decentralised blockchain with its own native currency known as ether (ETH). The ethereum blockchain network that facilitates the execution of smart contracts is more robust. This makes way for a lot of decentralised finance (DeFi) applications to be built on top of it.
Ether has had a fantastic year, with a year-to-date (YTD) price increase of more than 600 percent, according to statistics from coinmarketcap. And due to the sheer power of smart contract technology, the ethereum networks employ the network processes over 1 million transactions a day. This makes Ethereum one of the most used crypto networks in the world.
According to billionaire investor and owner of the NBA team, Mark Cuban, ethereum has the "most upside" as an investment. Cuban is a big proponent of ethereum’s use of smart contract technology.
In October, Cuban tweeted, “I like (ether) more (than bitcoin) because I can see an unlimited number of applications that will change the biz and the consumer world forever."
Research website Finder and the UK-based multinational bank Standard Chartered Bank’s global research team predict that ether’s price will reach $19,842 on average by 2025.
(Edited by : Jomy Jos Pullokaran)