Bitcoin Is a Top 10 Financial Asset by Market Cap, But What About Ethereum?
Ethereum’s price had exceeded $4,000 earlier this week but is down by $500 since then.
Despite the most recent retracements in the crypto markets, the overall trend in the past several months has been quite bullish, leading to a new all-time high for Bitcoin and a multi-year peak for Ethereum.
Consequently, their market capitalizations increased as well a lot lately and that made them some of the largest financial assets by that metric. But where exactly does Ethereum stack up?
ETH in the Top 25
CryptoPotato frequently reported Bitcoin’s progress as the asset entered the top 10 financial assets in February by surpassing Warren Buffett’s Berkshire Hathaway. A few weeks down the line, BTC’s market cap exceeded $1.4 trillion and surpassed that of Meta and silver, becoming the 8th largest financial asset. The latest declines, though, have halted some of its progress, and BTC is now behind the metal.
This all happened when Bitcoin’s price jumped to an all-time high of almost $74,000. While Ethereum failed to break its 2021 peak, it has also gone on a run lately and briefly surpassed $4,000.
Yet, the aforementioned retracements in the market have driven ETH south to $3,500 as of now. Additionally, while BTC structure is inflationary, even though it is pre-programmed, Ethereum could be a deflationary asset following its transition from proof of work to proof of stake. This means that its market cap, which is now at $420 billion, could potentially decline even if ETH’s price goes up.
Nevertheless, the current market cap has placed Ethereum in the top 25 global financial assets, surpassing the likes of Toyota, Samsung, and, most recently, Johnson and Johnson.
How High Can ETH Go?
Bitcoin’s price has been forecasted to exceed $100,000 and peak somewhere between $200,000 and $300,000 during this cycle. Although we know that predictions rarely happen as we hope they do, it’s worth observing and analyzing how high Ethereum can go according to some optimistic views.
The short-term ETH forecasts see the asset tapping $5,000 in the next few months and potentially peaking at $10,000. If the second is to be reached, this would place ETH’s market cap at around $1.2 trillion, given its current supply. This could mean that Ethereum would be close to breaking into the top 10 largest financial assets as well if their market caps remain the same.
Then again, there are a lot of Ifs in these scenarios, so let’s just enjoy the moment in which two cryptocurrencies are in the top 25 global financial assets.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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