Ethereum (CRYPTO: ETH) – the second largest crypto asset in the world – now exceeds capitalization Bank of America Corp. (NYSE: BAC).
What happened: According to data from CoinMarketCap, Ethereum’s market cap has surpassed $ 366 billion, well above Bank of America’s $ 349 billion market cap. The coin reached this valuation after its price increased more than 11% from a 24-hour low of $ 2,871 to a high of $ 3,194, before settling at $ 3,140 at time of publication.
Ethereum is catching up with Bank of America’s market cap in a matter of days, and it was reported on Sunday that the cryptocurrency is approaching the financial giant’s valuation after it surpassed $ 3,000 for the first time in history and overtook The walt disney company (NYSE: DIS) and PayPal Technologies Inc. (NASDAQ: PYPL).
Ironically enough, the bank is overtaking Ethereum, given that it was only in March that it released reports sharply criticizing the crypto space, arguing that “there is no compelling reason to own bitcoin if you don’t see the price rise.”
Analysts at JPMorgan, on the other hand, have expressed confidence that Ethereum will continue to grow – even faster than Bitcoin (CRYPTO: BTC) myself.
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