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Ethereum surpasses Mastercard and Bank of America in market value

In the wake of the hard fork London, the market value of the Ethereum (ETH) has already surpassed $365 billion, representing 19.79% of the entire cryptocurrency market. As a result, the cryptocurrency surpassed Mastercard and Bank Of America in market value.

Ethereum surpasses Mastercard and Bank of America in market value

Ethereum surpasses Mastercard and Bank of America in market value

As of this writing, the two US giants have registered a market value of $362 billion and $341 billion, respectively. Now, only JPMorgan ($469 billion) and Visa ($527 billion) outperform ETH.

Biggest 'Financial instituitions' market values

Biggest ‘Financial instituitions’ market values

On the other hand, Bitcoin (BTC) remains the largest “financial institution” in the market. At the moment, the cryptocurrency ranks seventh in market value, ahead of Tesla and Berkshire Hathaway. Only six companies have a market value greater than BTC:

  • Apple: $2.4 trillion;
  • Microsoft: $2.1 trillion;
  • Saudi Aramco: $1.874 trillion;
  • Google: $1.868 trillion;
  • Facebook: $1,032 trillion.
  • The new wave of ETH appreciation has started since hard fork London was released on August 5th. According to CoinMarketCap, the price of the cryptocurrency has appreciated 25% in the last seven days, a rise that simultaneously impacted the market value of the cryptocurrency.

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    The so-called “deflationary effect” of ETH contributed to the soaring price. The expectation of a reduction in the offer due to the burning of tokens encouraged several investors. For investor Kevin O’Leary, member of Shark Tank, gave an interview talking about the changes.

    “When you combine this (EIP-1559) with EIP-3675, which switches the network to proof of participation (PoS), Ethereum will become deflationary. If Bitcoin is strong money because of the 21 million limit, [Ethereum] is the money of the ultra strong, because there is no floor on the supply”, said the investor.

    According to the aggregator Ultrasound Money, 21,643 ETH were burned, or around $69 million at the current price. The OpenSea and Uniswap platforms lead the ETH burn, with 2,655 and 1,613, respectively.

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