Ethereum’s price soared 21% last week, pushing its market cap past $520B, surpassing MasterCard and Netflix, driven by ETF inflows and DeFi growth.
Ethereum’s market capitalization has surpassed $520 billion due to its bold rise to $4,300 and a 21% weekly rally, surpassing the market capitalizations of major corporations such as Exxon Mobil, Netflix, and Mastercard. ETH is now the 22nd largest asset in the market due to the robust ETH price rally in July. Market analysts are optimistic about the potential for additional growth as ETH prepares to confront Visa soon.
Is it possible for Ethereum to surpass Bitcoin?
Last week, Joseph Lubin, the co-founder of Ethereum, stated in a CNBC interview that ETH could surpass BTC in market capitalization within the next year or so. He attributed this to the influence of treasury corporations. To accomplish the flip, ETH would need to trade at approximately $20,000, given the current market capitalization of Bitcoin.
Crypto analyst Ali Martinez reported that ETH’s net capital change has surpassed BTC in another milestone, describing it as the clearest signal yet that altcoin season has commenced.
As the altcoin season gains momentum, market analysts anticipate that increasing capital will transfer from BTC to ETH. Analysts expect the price of ETH to rise to $5,000 soon, as it is hovering near the $4,300 mark. The velocity of inflows into spot Ether ETFs has also increased over the past week. Eric Trump recently issued a public warning to short sellers to refrain from selling, in addition to Lubin’s optimism regarding ETH.
After surpassing Mastercard and Netflix, Ethereum challenges Visa
In a decisive breakout past the $4,000 resistance, the ETH price has rebounded strongly from $3,500 last week. This robust bullish momentum in ETH enabled the altcoin to outperform corporate titans such as Exxon Mobil, Netflix, and Mastercard. ETH is already ranked among the top 25 global assets, with a market capitalization of $520 billion.
According to data from Companies Market Cap, Ethereum could supplant Visa, a competitor of Mastercard, with an additional 25% increase. Amid the most recent corporate competition for ETH treasury, Sharlink Gaming and Bitmine Technologies are leading the charge, and market analysts such as Arthur Hayes are optimistic about a potential price increase to $10,000.
Currently, the market capitalization of Ethereum would surpass that of significant global corporations, such as Visa, JPMorgan, Walmart, and Berkshire Hathaway, if the price of Ethereum were to increase by a mere twofold from its current levels. This would also include ETH in the top 15 global assets and the roster of trillion-dollar holdings by market capitalization.
ETH Whale Activity is on the Rise
ETH whales are currently engaged in a significant accumulation binge amid the substantial increase in value that occurred last week. In the previous 14 hours, Galaxy Digital has purchased over $158 million in over-the-counter Ethereum (ETH), according to on-chain data.
Additionally, the behemoth address 0x3952 withdrew 8,745 ETH, valued at $37.6 million, from Binance an hour ago. The address has acquired a total of 65,001 ETH, estimated to be worth $281 million, from the exchange over the past two months at an average price of $2,611. Currently, it is holding over $111 million in unrealized gains.
