Ethereum (ether), and Solana set new records for cryptocurrency market capital. Bitcoin is now worth more than US giants Meta (Facebook), and Tesla, with a combined market cap exceeding $1.19tn.
The market capital of JPMorgan Chase, the largest bank in the world, is $503 billion. This is $40 billion less than Ethereum’s.
This combined with the 12 largest banks worldwide gives a total market cap of just over $2.7 trillion for traditional finance leaders.
After several months of remarkable growth, the cryptocurrency’s market cap record was set in July. It has added more than $1.5 trillion to its total value.
The rise of bitcoin has aided the market, but it is actually the performance of altcoins like Altcoin that is driving the current climb.
According to CoinMarketCap’s price index, bitcoin has now accounted for just 40% of the crypto market capitalisation.
Traditional finance is still resistant to cryptocurrency, and only a few banks in the US or Europe offer crypto trading services for institutional clients.
DBS Group in Singapore was the first bank to offer this service to wealthy clients. However, other banks seem to be changing their stance towards ordinary customers as a result of increased competition from challenger banks.
The 12th-largest bank in the world, Australia’s Commonwealth Bank announced this week that it will offer a platform to allow retail customers to trade cryptocurrency on its mobile banking app.
After its recent price rise, Ethereum is now ranked above all major global banks in terms of market capital, along with traditional finance giants such as Mastercard and Visa.
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