“After the recent DeFi price movement, Bitcoin [is] making a move to the upside, ETH is in a strong position to continue this climb. This is just the start,” Charles Storry, co-founder of PhutureDao, told Decrypt.
A rally in the price of Ethereum has caused its market cap to grow, pushing it up the market cap rankings. It is now the 194th largest asset by market cap.
The current market capitalization of Ethereum is just over $50 billion, at $52.1 billion. To break into the 200 club, Ethereum had to overtake Northrop Grumman, which currently enjoys a market capitalization figure of $50.2 billion. The company designs, develops and builds highly advanced tech, including aircraft, spacecraft and cybersecurity systems.
At the time of writing, Ethereum also beat Volkswagen, which currently sits at 200. The car manufacturing giant has a market capitalization figure of $50.5 billion. It also beat music streaming service Spotify (198th), which has a market cap of $50.8 billion.
The current price of Ethereum is $460, per CoinMarketCap figures. Over the past 24 hours, this has increased by 6.9%. Yet, over the past week, Ethereum’s price has gone up by 18%.
In contrast, Bitcoin currently sits 21st on the list of top 200 assets by market capitalization. The flagship cryptocurrency’s current market cap is approximately $287 billion, with a price—for now—of $15,520.
After Ethereum, the next two largest cryptocurrencies by market capitalization are Tether, a stablecoin tied to the US dollar, and XRP. On AssetDash, these two cryptocurrencies are listed at 540 and 724 respectively.
This upgrade will aim to provide some much-anticipated solutions to the network’s scalability and security, and—at least for now—Ethereum will wait for these solutions to come as a top 200 asset by market capitalization.