Ethereum Market Cap Surpasses Visa, JPMorgan Chase
Ethereum temporarily reversed the market caps of JPMorgan and Visa on Thursday, October 21 after several bullish catalysts, according to a report.
Company market capitalization data indicates that Ethereum, with a market capitalization of $ 513.29 billion, has now exceeded the market caps of JPMorgan and Visa by a small margin of around $ 5 billion at its time. peak, according to Coin Rivet.
The possibility of reversal may be a temporary event. With Ethereum fluctuating around $ 4,200, the coin has shown some resilience after a rally on Wednesday where it was at $ 3,800, although the coin continues to hit new highs.
Ethereum also took another step forward for the coin, beating the total value stuck in the decentralized financial assets (DeFi) barrier of $ 100 billion.
According to DeFi Pulse, the Total Locked-In Value (TVL) in the Ethereum ecosystem is now $ 104 billion, thanks to strong contributions from Aave, Maker and Curve.
Many leading solutions, like Avalanche and Solana, have also reached new heights. The report states that Ethereum DeFi contributes around 45% of the entire DeFi space in the crypto industry.
The recent Bitcoin price spike pushed DeFi past the $ 100 billion mark for the first time, PYMNTS wrote.
Read more: Rising Bitcoin Pushes DeFi Beyond $ 100 Billion
Citing data from DeFi Pulse, the information came from adding up the balance of Ether and other assets held in smart contracts settled on Ethereum, which is then multiplied by the dollar price.
The report says loans on cryptocurrency platforms increased 15% last week, reaching $ 50.7 billion. Crypto exchange transactions were also increased by almost 8.6%.
In addition, the number of bitcoins used in DeFi was increased by 8% from 194,130 to 209,575 – and the number of ethers used was increased by 3.5%.
The Securities and Exchange Commission was recently ready to let the first bitcoin futures ETFs start trading. This speculation allowed bitcoin to surpass $ 60,000 last week – the highest since April.