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Ethereum overtakes Mastercard in market valuation

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Ethereum, the second highest-ranked cryptocurrency with a market capitalization of approximately $377 billion at a current market price of $3,220 has now flipped Mastercard, which has a market capitalization of approximately $360 billion with a market price of $367.48, by $17 billion, as of the time of writing this report.

The altcoin market has been rallying over the past month with the market capitalization gaining approximately 36% from approximately $767 billion a month ago to now stand at over a trillion dollars as of the time of writing this report. Many cryptocurrencies including top ranked cryptocurrencies like ETH, ADA, BNB and XRP have posted double-digit gains.

In the last month, Ether, the native currency of the Ethereum blockchain has rallied over 50%, gaining momentum from the lunch of its London hardfork upgrade which adds a deflationary feature to the Ethereum blockchain.

Since the lunch of the upgrade just last week, the network has burned over 26,730 ETH which at the current price of Ether approximates to $86 million, with NFT platform OpenSea, Decentralized Finance (DeFi) platform Uniswap V2 and gaming platform Axie Infinity accounting for the top 3 contributors to the burned tokens. The three account for 6,900 ETH burned as of the time of writing this report which represents approximately 25% of the burned tokens.

What you should know about Mastercard

Mastercard Inc. is an American multinational financial services corporation. Its share price has appreciated about 4.65% Year-to-Date (YtD). The company had a good second-quarter result with revenue up approximately 36% to $4.5 billion compared to the second quarter for 2020. This increase is majorly attributed to an increase in cross-border volume fees which grew by 69% to $1.07 billion.

On the company’s earnings, according to Michael Miebach, Mastercard’s CEO, he stated that “We delivered strong revenue and earnings growth this quarter, benefiting from our revenue diversification efforts. We believe that most markets are on a growth phase domestically and there is upside potential in cross-border travel. We’re winning significant new deals and we continue to focus on our strategic priorities to drive growth over the long term.”

Bottomline

Asides from Mastercard, Ether is more valuable than well-known companies such as Bank of America with a market capitalization of $348 billion, PayPal with a market cap of $322 billion and Coca-Cola with a market capitalization of $245 billion.

Ethereum is growing at an astronomical rate as the network is currently moving from a Proof-of-Work (PoW) consensus mechanism to a Proof-of-Stake (PoS) mechanism.

Investors are advised to apply the dollar cost averaging technique when investing in cryptocurrency assets as they are very volatile.

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