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Ethereum

Ethereum Now More Valuable Than HSBC And American Express Combined

Godspower Owie
by Godspower Owie
1 month ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

As crypto assets gain traction in the dynamic financial sector, Ethereum continues to prove its strong position among the leading assets in the world. With its recent price surge, ETH’s market cap has risen sharply over the past few days, surpassing the market value of several major financial institutions.

Another Major Milestone For Ethereum

Ethereum appears to be in a bullish state as it slowly approaches the key $4,000 price mark following a recent bounce. Meanwhile, the second-largest cryptocurrency asset has now surpassed the market capitalization of numerous significant assets, marking a new turning point in its ascent up the global financial ladder.

Related Reading: Ethereum Rising: Galaxy CEO Mike Novogratz Predicts ETH Will Outperform BTC – Here’s Why

In a recent post shared by Whale Insider on the X (formerly Twitter) platform, the expert reported that ETH is now more valuable than financial giants HSBC and American Express in terms of market cap. ETH’s rise in market value, driven by a surge in price, demonstrates the increasing power of decentralized technology over conventional finance.

This most recent accomplishment highlights a more significant change in the way markets are starting to assess the value of cryptocurrency assets. Furthermore, the development also solidifies ETH’s place among the most valuable assets in the world.

The latest milestone comes after ETH surpassed other leading financial giants such as Goldman Sachs and Bank of China about a week ago. As decentralized technology becomes more popular in the global economy, Ethereum may be at the forefront of the movement.

ETH’s wave of new milestones in the financial sector implies that its valuation is no longer merely a gauge of speculation. It is an indication of its expanding real-world utility and robust confidence from investors.

Ethereum
ETH moves to 25th position in world assets ranking | Source: Chart from CompaniesMarketCap

Recent data from CompaniesMarketCap shows that Ethereum has now moved to the 25th spot in the list of global assets by market cap. The asset is slowly closing the gap with America’s multinational oil and gas corporation, Exxon Mobil, which is positioned at the 24th spot in the financial hierarchy.

ETH’s Open Interest Skyrockets To A New Level

While ETH’s price is surging, large investors, also known as whales, are steadily accumulating the altcoin like never before. Ted Pillows, a crypto investor and partner of OKX crypto exchange, reported the wave of accumulation, reflecting strong optimism toward ETH’s long-term prospects.

Related Reading: Bit Digital Plans To Purchase More ETH – Is Ethereum Finally Back On Track?

This development is evidenced by the recent surge in Ethereum CME Futures Open Interest, which has surged to $7.85 billion, marking its highest level ever. According to the expert, this is the biggest institutional posture for ETH that has ever been documented.

Pillows considers this rise in CME open interest as a pivotal moment for ETH, stating that “institutions don’t gamble; they accumulate with conviction.” Looking at the chart, the expert claims the setup appears to be ideal for ETH’s next explosive move.

Ethereum
ETH trading at $3,886 on the 1D chart | Source: ETHUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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