With the crypto market enjoying a little bit of a green run in recent days, flagship digital assets like Bitcoin and Ethereum have been performing well.
The second-largest crypto asset by market cap, Ethereum, has seen its value maintain the $3k level for several days, which has now helped its market cap flip those of traditional financial institutions like MasterCard and the Bank of America.
According to available information on CompaniesMarketCap.com, Ethereum’s market capitalization as of press time is around $366.13 billion, which is a little more than that of the leading bank, which stands at $347 billion while that of the payment giant stands at $337.12 billion.
Despite Ethereum’s recent surge, it is still miles behind that of JPMorgan Chase, whose market cap is currently around $412 billion. However, the bank’s market cap pales significantly against Bitcoin, which is currently over $800 billion.
Interestingly, the Ethereum market cap within the last seven days surged by 10% to over $360 billion. This increase also coincides with when the coin’s value also rose by around 11% to its over $3k price.
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This is largely unsurprising because an IntoTheBlock report had stated that the large amounts of ETH withdrawals usually preceded an upward price movement for the coin. This, obviously, is what is playing out currently, as over 180,000 units of Ethereum were withdrawn from crypto exchanges on March 15.
What is Behind Ethereum’s Current Bull run?
In trying to understand what is behind Ether’s current bull run, different crypto analysts have opined that the coming Ethereum Merge is drawing investors to the asset.
Reports have emerged that the highly anticipated transition of the Ethereum network from a proof of work mechanism to a proof of stake network would make the asset more appetizing for institutional investors who might be holding back because of energy consumption concerns.
But with the network handling that with its PoS upgrade, more investors are expected to pile into the asset. At the same time, the network could be able to wrestle control of the DeFi and NFT space from other smart contract-enabled blockchains like Solana, Cardano, Avalanche and others.
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