Ethereum’s market capitalization has now surpassed the world’s largest banks

Regardless of the current downturn, this year is considered to be one of the most successful years for the crypto industry as it has been massively adopted by both institutional and retail investors. And this has had an impact on Ethereum as the market capitalization of the largest atcoin has now surpassed that of the world’s largest bank, JPMorgan.

Ethereum makes it into the list of the top 15 assets in the world

According to data from CoinMarketCap, on December 1, ETH’s market capitalization outperformed the valuations of some of the world’s largest financial institutions, including JPMorgan. At the time, the market cap was $ 550 billion before falling to the current $ 516 billion. This development is seen as a sign of the recent success of the ETH.

More specifically, 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 in the world by market cap, matching the meta of Facebook, Tesla, Amazon, Bitcoin, Apple, etc. Microsoft and other popular properties before that.

The Ethereum network is undoubtedly one of the most popular and widely used blockchains in the crypto market as it is a popular target for DeFi and NFT applications due to its useful smart contract function. 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 faced when implementing EIP-1559 along with a full move to proof-of-stake.

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