Ethereum overtakes Australia’s largest banks combined

Ethereum (ETH) has topped the $3,000 psychological level this morning, soaring as high as US $3,050 after what can be described as a remarkable recovery and rise after the mid-April market crash.

The second-largest cryptocurrency by market cap has seen a consistent upward traction over the past week – with its current value representing a remarkable 15-fold rise from its $200 level price a year ago.

Ether started to gain momentum last week after media reports suggested the European Investment Bank (EIB) could launch a digital bond sale on the ethereum blockchain network in collaboration with heavyweight banks.

The surge has placed Ethereum with its US $353 billion market cap higher than the total combined market capitalization of Australia’s four largest banks – National Australia Bank Ltd (ASX:NAB), Westpac Banking Corp (ASX: WBC), National Australia Bank Ltd (ASX:NAB) and ANZ Banking Group (ASX:ANZ).

Bitcoin, for comparison, now has a market capitalization of just over US $1 trillion.

Cryptocurrency market has grown sensitive in recent weeks as governments and regulators have focused in on the sector, resulting in choppy and volatile trading.

On Sunday, Bitcoin (BTC)  broke above the simple 50-day moving average just above US $57,000, a key barometer for the buyers and sellers relying on technical charts to calculate their next moves.

Bitcoin (BTC) is trading above US $58,000 right now.

Among the other 8 variable-priced digital currencies in the Big 10, ripple (XRP) is changing virtual hands at US $1.59, Binance Coin (BNB) US $627, Dogecoin (DOGE) at US $0.38, cardano (ADA) at US $1.34, ChainLink (Link) at US $40,  Stellar (XLM) at $0.56, Litecoin (LTC) at US $274 and Vechain (VET) at US $0.21.

With the market filled to the brim with froth, the recent market volatility shows how those who ran with their emotions and moved out of the market have been blindsided by how fast it has recovered.

 

Risk Warning: Cryptocurrency is a unregulated virtual notoriously volatile asset with a high level of risk.  Any news, opinions, research, data, or other information contained within this website is provided for news reporting purposes as general market commentary and does not constitute investment or trading advice.