Ethereum (CRYPTO: ETH) — the world’s second-biggest crypto asset — is now bigger than the capitalization of Bank of America Corp. (NYSE:BAC).
What Happened: According to CoinMarketCap data, Ethereum’s market capitalization has crossed $366 billion — significantly higher than Bank of America’s market capitalization of $349 billion. The coin reached this valuation after its price increased by over 11% from a 24-hour low of $2,871 to a high of $3,194 before settling at $3,140 as of press time.
Ethereum has been catching up with Bank of America’s capitalization for a few days, and on Sunday it was reported that the cryptocurrency was approaching the financial giant’s valuation after breaching $3,000 for the first time ever and overtaking The Walt Disney Company (NYSE: DIS) and PayPal Technologies Inc. (NASDAQ: PYPL).
It is quite ironic for the bank to be overtaken by Ethereum given that just in March it released reports harshly criticizing the crypto space, claiming that there is “no good reason to own Bitcoin unless you see prices going up.”
JPMorgan analysts, on the other hand, have expressed the belief that Ethereum will continue growing — even faster than Bitcoin (CRYPTO: BTC) itself.
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