The market valuation of Ethereum, the market’s second-largest cryptocurrency, has lately surpassed that of financial services giant Mastercard.
Despite the dramatic price drop that hit the crypto market earlier in January, Ethereum has recovered and is now trading at $3,248.3 per unit.
The digital currency has seen dramatic price changes in recent times, and with a market worth of $387.72 billion, Ethereum is now the world’s 24th largest asset, just below Bank of America.
Ethereum’s stellar success has vaulted it ahead of Mastercard, the American payment services provider with a market valuation of $375.18 billion.
The cryptocurrency sector has seen a tremendous boom in popularity as new trends such as NFTs emerge, as well as increased individual and institutional use.
The fledgling industry has grown from a little-known online concept to a major trillion-dollar enterprise that is threatening the global economic system as we know it.
Around August 2020, bitcoin, the largest cryptocurrency, was valued at little more than $200 billion and was among the top 30 assets in the world. Bitcoin is now the 9th largest asset in the world, with a market valuation of $843.19 billion, more than four times its worth just two years ago.
Because of the cryptocurrency industry’s rapid expansion, federal governments from around the world are examining measures to control the business.
The Indian government has defused prior attempts to impose a blanket ban on crypto-assets by proposing a 30% tax on crypto income, implying a shift toward controlling the country’s crypto economy.
Russia’s president, Vladimir Putin, has also appeared to be moving toward regulating the country’s crypto scene, despite banking officials’ differing perspectives.