Ethereum Market Cap Overtakes Bank of America Amid Fresh Rally

Ethereum, the second-largest cryptocurrency, recently gained a market capitalization higher than that of Bank of America.

Ethereum Becomes the 23rd Largest Asset in the World

Even with the recent swings in the prices of cryptocurrencies in general, Ethereum had climbed up to $3,043.85 at the time of writing. 

The digital coin has also gained a market capitalization of $366.62 billion, placing it as the 23rd largest asset in the world. It exceeds that of Bank of America, which has a market cap of $347.51 billion and currently ranks #27.

Ethereum’s rise in recent times has also seen it overtake larger companies like the American payment services provider, MasterCard, which currently has a market cap of $337.12 billion and ranks #31.

The cryptocurrency has also overtaken the United States’ largest home improvement retailer, Home Depot, which has a market cap of $331.07 billion and ranks #32.

Bitcoin Continues Holding 9th Largest Market Cap

While Ethereum currently has a high market cap, Bitcoin, the leading cryptocurrency, is not left behind.

Bitcoin currently holds the 9th largest market cap of $816.04 billion. This places the trading coin above top companies such as Meta (Facebook) which ranks #12 while having a market cap of $610.28 billion. The top crypto still surpasses other companies such as Visa, Walmart, and Samsung.

Crypto Adoption During the Russia-Ukraine War

The spike in the adoption of cryptocurrencies around the world has proved timely, especially during this time of war between Russia and Ukraine.

Ukraine, the victimized country, has utilized cryptocurrencies as a way of supporting its economy and aiding it during the war.

When the war had earlier started, the government requested crypto donations. The request was met by individuals, cryptocurrency exchanges, and even crypto billionaires. All of this has helped the country raise over $63.8 million via more than 120,000 crypto asset donations.

Last week, the Ukrainian government legalized cryptocurrencies amid the ongoing war. The government said it is working to amend the tax law to accommodate crypto assets. Cryptocurrency has proved to be a lifeline for the people of Ukraine.