Regardless of the current downturn, this year has been one of the best in the crypto industry as it has been massively adopted by institutional and private investors. And this has had an impact on Ethereum as this king altcoin’s market cap has now surpassed that of the world’s largest bank, JPMorgan.

Ethereum’s market capitalization has now exceeded the limits of the world’s largest banks

According to CoinMarketCap, on December 1, ETH’s market capitalization exceeded the boundaries of some of the world’s largest financial institutions, including JPMorgan. Market cap hit $ 550 billion before falling to the current $ 516 billion. This development is taken as an indication of how far the coin has come lately.

The source: Kris Kay

Additionally, Ethereum has been around for less than a decade, while the world’s largest bank, JPMorgan, has been around for at least 40 years. Although Ethereum’s market cap is $ 516 billion, it is still among the top 15 largest assets by market cap in the world, on par with the meta of Fb, Tesla, Amazon, Bitcoin, Apple, Microsoft, and other other popular products before.

The Ethereum blockchain is undoubtedly one of the most popular and widely used blockchains in the cryptocurrency market. Because of its useful smart contract function, it is the most preferred blockchain for DeFi applications. In addition, Ethereum processes more than 1 million transactions daily, making it one of the most widely used cryptocurrency networks.

However, Ethereum’s growth is being hampered by the record high transaction fees it is facing with the implementation of EIP-1559 and the transition to a proof-of-stake network.