Months after blasting through the top-10 barrier, Bitcoin’s biggest alternative cryptocurrency Ethereum has now marched into the top-5 bracket comprising of the most valuable names in the financial services world.
These innovations have helped spur the growth and creation of tokens and NFTs, and have helped decentralise finance,” Darshan Bathija, CEO of Singapore-headquartered crypto trading platform Vauld told Financial Express Online.
While cryptos cannot be compared to physical enterprises such as Visa, JPMorgan, etc., given that the former is a peer-to-peer software system while the latter is a for-profit business, Ethereum is theoretically the 25th largest asset globally by market cap, showed data from CompaniesMarketCap.
On top of this NFTs and other product innovation on top of Etherium are now starting to see large-scale adoption,” Edul Patel, CEO and Co-founder at automated crypto trading platform Mudrex told Financial Express Online.
The other two reasons are bullish market sentiment as crypto has become the darling of institutional investors with over $14.4 billion flowing into crypto in the past 12 months, said Patel.
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