Ethereum Passes Bank of America, Wells Fargo in Market Cap as Crypto Hits $3,000

SourceNewsweek
SectorFinancial Services
CountryMiddle east

Ethereum, the world’s second largest cryptocurrency, passed Bank of America and Wells Fargo in market cap on Monday as the cryptocurrency surpassed $3,000.

According to CoinDesk, Ethereum has a market cap of $360.15 billion, as of publication time. In comparison, data from the New York Stock Exchange shows that Bank of America currently has a market cap of $350.91 billion and Wells Fargo has a market cap of $186.557 billion.

As Investopedia reported, the market cap of a stock or cryptocurrency refers to a company’s outstanding shares of a stock and is calculated “by multiplying the total number of a company’s outstanding shares by the current market price of one share.”

Bank of America declined to comment in response to Newsweek’s request.

The news of Ether, the digital token of the Ethereum blockchain, passing two major banks in market cap value comes as the cryptocurrency has soared to a new all-time high on Monday, surpassing $3,000.

According to CoinDesk, Ethereum’s price hit $3,302.32 at around...read more...