In a remarkable twist, Ethereum (ETH) has made its presence felt by storming into the top 100 traded assets by market capitalization, thanks to a dazzling 13% surge in price over the past 24 hours. It’s now basking in the glow of the #88 position, sandwiched between renowned companies like Bristol-Myers Squibb and Anheuser-Busch. Talk about rubbing shoulders with giants!
Ethereum Shines Bright in 2021
This year is looking remarkably bright for Ethereum, which has catapulted itself up by an impressive 62%. With its price crossing the $1,200 mark today for the first time since January 2018, ETH seems eager to reclaim its former glory. Who would have thought a crypto asset could evoke so much nostalgia?
Market Cap Bonanza
The recent price hike translates into a whopping $53 billion increase in Ethereum’s market cap. To put this into perspective, this growth has allowed Ethereum to outpace several household names, including financial institutions like Wells Fargo, AstraZeneca, and Citigroup. If those companies were taking notes, they might just add ‘Ethereum’ under their list of competitors.
Bitcoin’s Ascension
Ethereum isn’t the only cryptocurrency stealing the spotlight. Bitcoin has also leveraged its momentum, leaping past industry giants like Visa and Berkshire Hathaway to secure a position in the top echelons at #10. With a staggering market cap of $12.19 trillion, gold continues to hold down the top spot, far ahead of its challengers.
The Credibility of CompaniesMarketCap.com
It’s worth noting that CompaniesMarketCap.com, the source of these rankings, is akin to CoinMarketCap.com, though it focuses on publicly traded companies globally. Their list of top assets by market cap mixes a cocktail of companies, precious metals, ETFs, and cryptocurrencies, allowing us to marvel at the diverse financial landscape.
Market Cap Mechanics: The Math Behind the Magic
Understanding market capitalizations can feel like delving into a math puzzle. For conventional stocks, market cap is calculated by multiplying stock price by the total number of shares. However, in the crypto realm, the math changes its tune—market cap is a product of the coin price multiplied by its total supply. Meanwhile, precious metals play their own game by using estimates based on price and total tonnage of supply. Math enthusiasts rejoice!
The Path Ahead for Ethereum
For Ethereum to ascend to Bitcoin’s market cap rankings, it would need to skyrocket to around $6,100, assuming Bitcoin’s price remains unchanged. Now that’s a hefty goal, but hey, in the wild world of cryptocurrencies, anything is possible!
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