- The last few weeks, marked by large increases, have allowed the capitalization of ETH to exceed that of many banks.
- The capitalization of Ethereum has again exceeded 200,000 million dollars in search of recovering the level of 1,800 USD. This allowed taking advantage of the capitalization of many international banks.
- This positive sentiment is also confirmed by looking at the staggering increases in daily trading volumes, up 15% to over $30 billion.
The last few weeks, marked by large increases, have allowed the capitalization of ETH to exceed that of many banks. For example, Ethereum led Wells Fargo, Morgan Stanley, and HSBC in terms of capitalization.
After earning 50% in the last three weeks, Ethereum’s capitalization has surpassed that of banking giants such as Wells Fargo, Morgan Stanley, HSBC and Bank of China.
The capitalization of Ethereum has again exceeded 200,000 million dollars in search of recovering the level of 1,800 USD. This allowed it to outperform many international banks and put it on track to overtake another major Chinese bank, the Industrial and Commercial Bank of China (ICBC).
The significant gains in recent weeks have seen major cryptocurrencies recover to a small degree from the big drops in the first part of the year.
This positive sentiment is also confirmed by looking at the staggering increases in daily trading volumes, up 15% to over $30 billion.
In July, the total capitalization of cryptocurrencies again exceeded $1 trillion, with Bitcoin and especially Ethereum on the defensive.
All of this allowed Ethereum to overtake China’s banking giant in terms of capitalization which, like all Chinese banks, is facing a major problem related to impaired loans due to the worsening real estate market in China.
The worst-case scenario predicts up to $350 billion in credit losses across all Chinese banks, with significant systemic risks to China’s entire financial sector.
Thus, the market seems to bet again on an early rise in cryptocurrencies, a trend also confirmed by the data that shows that 65% of Bitcoin in circulation has hardly moved in the last year. A tangible sign that Bitcoin holders believe in the rapid rise of digital currency and prefer not to sell even after the recent falls.
