The overall market capitalization of Ethereum (ETH) has skyrocketed as its price finally topped $3,000, eclipsing some of the world’s largest financial organizations, including Bank of America (BoA) and Mastercard (NYSE: MA).
According to information obtained by Rate Captain, the market size of Ethereum was $366.13 billion at press time on March 24, while the market caps of BoA and Mastercard were $347.51 billion and $337.12 billion, respectively.
It’s worth noting that, as things stand, only one bank has successfully avoided succumbing to Ethereum. At the time of writing, JPMorgan Chase had a market capitalization of $412.74 billion.
Ethereum is one of the most valuable cryptocurrencies in terms of market capitalization, second only to Bitcoin (BTC), which has a market cap of $816.74 billion and is steadily increasing.
The stock of Bank of America (NYSE: BAC) is down slightly year to date, compared to a 5% loss in the S&P500 index. Furthermore, at $44 per share, it is trading at a discount to its fair value of $50, according to Trefis’ estimate of Bank of America’s value.
The bank just reported its fourth-quarter results, which were slightly better than expected in terms of earnings but slightly worse in terms of sales. Total revenues were $22.06 billion, up 10% year over year. The increase in consumer banking revenues was mostly attributable to increasing net interest income.
In 2021, the company’s total revenues climbed 4% year over year to $89.1 billion. It was primarily due to a 23% increase in investment banking revenue, followed by a 12% increase in wealth management revenue.
Further, the sales & trading unit posted a modest 3% gain, as most of the growth was offset by a 9% drop in the FICC (fixed income, currency & commodity) trading. Similarly, the consumer banking segment, which contributes close to 38% of the top-line, increased just 2% y-o-y due to lower outstanding loan balances.