The market capitalization of the second-largest cryptocurrency in the market, Ethereum, has recently exceeded that of financial services giant, Mastercard.
Ethereum Becomes 24th Largest Asset in the World
Despite the massive price crash that had besieged the crypto industry earlier in January, Ethereum had bounced back and is currently trading at $3,248.3 per unit.
The digital asset has experienced spectacular price movements in recent times and with a market cap of $387.72 billion, Ethereum is currently the 24th largest asset in the world, just below the Bank of America.
Ethereum’s impressive performance has put it ahead of the American payment services provider, Mastercard, which currently has a market cap of $375.18 billion.
The digital asset has also surpassed several multinational companies including Walmart, with $382.18 billion, Home Depot, with $379.79 billion, and many more.
Crypto Takes Center Stage
The cryptocurrency industry has been witnessing a massive surge in popularity as new trends like NFTs emerge, individual and institutional adoption has also increased.
The nascent industry has steadily progressed from a little-known internet concept to a massive trillion-dollar industry disrupting the global economic system as we know it.
Around August 2020, the largest cryptocurrency, bitcoin, was valued at a little over $200 billion and was ranked among the top 30 assets in the world. Today, bitcoin is the 9th largest asset in the world with a market cap of $843.19 billion, more than 4x its value less than two years ago.
Governments Clamor to Bring Regulatory Clarity
With the fast-paced growth of the cryptocurrency industry, federal governments from different parts of the world are considering ways to regulate the market.
The Indian government recently assuaged earlier attempts to place a blanket ban on crypto-assets by proposing a 30% tax on crypto income, suggesting a move toward regulating the crypto market in the country.
Russia’s president, Vladimir Putin, has also appeared to be leaning towards regulating the country’s crypto scene amid conflicting opinions by financial regulators.