Ethereum Flips JP Morgan In Total Market Cap; Is Bitcoin Next?
Now that Ethereum has surpassed JP Morgan, is it only a matter of time before Ethereum flips Bitcoin?
100+ shitcoins will flip JPMorgan
— kaleazy.btc (@kaleazy) November 5, 2021
According to a chart spreading around Twitter today, Ethereum’s market cap now exceeds that of American multinational investment bank, JP Morgan Chase. Ethereum’s current market cap stands in the $530 billion range, second to Bitcoin, as always.
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- CEO of JP Morgan, Jamie Dimon, has had nice things to say about Ethereum in the past.
- When it comes to Bitcoin, Dimon hasn’t been as kind. Though Bitcoin has long since been past the investment bank market cap-wise. It’s unclear if he will feel the same way now about Ethereum.
- A JP Morgan analyst said this week that, “With ethereum deriving its value from its applications, ranging from DeFi to gaming to NFTs and stablecoins, it appears less susceptible than bitcoin to higher real yields.”
- The Independent reported earlier this week that the entirety of the cryptosphere is now worth more than a dozen of the biggest banks combined.
- Ethereum Flips Bitcoin: I wrote about a pseudo-flippening of Bitcoin that happened last month. Even with Ethereum’s recent rice, it’s still far behind the world’s first cryptocurrency. BTC currently boasts a market cap of over 1.1 trillion dollars USD. That’s quite of catching up to do for the smart contract platform.
- Though there is an upcoming catalyst that might do the trick: Ethereum 2.0. The upgrade would bring Ethereum into proof-of-stake and drastically cut down on gas fees. But, who knows when that could come.
- At press time, Ethereum is trading in the $4,500 range, which puts it even (0%) the last 24 hours, and up 5% the last 7 days. Just a few days ago, Ethereum hit a new all-time high of $4,670 USD on November 3rd.
The post Ethereum Flips JP Morgan In Total Market Cap; Is Bitcoin Next? appeared first on CryptosRus.
Text source: CryptosRus
