Ethereum's Market Cap Surpasses Giants Like Costco
Ethereum's Market Cap Soars Past $435 Billion
Ethereum (ETH) has experienced a significant surge, climbing 43% in one month. This rally has propelled its market cap beyond $435 billion, surpassing retail giant Costco and healthcare heavyweight Johnson & Johnson, according to CompaniesMarketCap data. Since July 1, Ethereum's market cap has increased by over $150 billion.
The second-largest crypto asset is now approaching Mastercard and Netflix, valued at over $504 billion and $542 billion, respectively.
Key Takeaways
- Ethereum’s market cap exceeded $435 billion, surpassing major companies like Costco and Johnson & Johnson.
- US-listed spot Ethereum ETFs saw record inflows, with $726 million in a single day and $2.3 billion over nine consecutive days.
Factors Driving Ethereum's Growth
Ethereum's recent growth is fueled by market-wide optimism during “Crypto Week,” boosted by the House passing three major crypto bills, and increased ETH accumulation by institutions.
ETF and Institutional Activity
US-listed spot Ethereum ETFs recorded a massive $726 million in daily inflows on Wednesday, marking the highest since their launch nearly a year ago. The nine Ethereum funds have collectively attracted $2.3 billion over the past nine trading days.
Companies like SharpLink Gaming are actively accumulating Ethereum, recently expanding its equity offering from $1 billion to $6 billion to support its crypto gaming initiative and ETH reserves.
Current Market Status
At press time, Ethereum was trading above $3,600, marking a 5% daily gain, according to CoinGecko data. Trading volume stood at a strong $70 billion.
Despite this growth, Ethereum is still 26% away from its all-time high of $4,878 set in November 2021.
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