Ethereum’s Market Cap Exceeds BMW and Ferrari

An interesting revelation was made by Changpeng Zhao (CZ) the chief executive officer at Binance, and it will certainly sooth any Ethereum and crypto enthusiasts out there. He disclosed that the number two crypto in the world has reached a market capitalization that is bigger than a number of leading companies in the world. According to the information provided by the CEO, the market cap of Ethereum is far greater than some prominent firms, such as Baidu, Spotify, GM, Ferrari and BMW, amongst others. He went on to say that even though the market capitalization of BNB (Binance Coin) is a lot smaller as compared to Ethereum, it was still larger than Xerox’s market cap. 

When it comes to making a tentative comparison, the man said that Ethereum’s market capitalization was inching a lot closer to Google. At the time of writing, the market capitalization of Baidu is $65.04 billion, Ferrari’s is $36.28 billion, BMW’s is $47.18 billion and Xerox’s market cap is $4.48 billion. As far as Spotify and General Motors are concerned, their respective market capitalizations are $61.61 billion and $59.51 billion, respectively. Binance’s CEO also said that both Ethereum and BNB coins have a bright future ahead, if the performance of this year is to be kept in mind.

In addition, he said that there was a good future to look forward to because of Ethereum 2.0 and Binance sensible chain. Furthermore, he added that the decentralized finance (DeFi) protocol had seen an increased level of adoption and acceptance. He went on to say that as the use of the DeFi protocol becomes widespread, it would end up growing the value of their respective digital property. Zhao said that Ethereum was already enjoying a lot of influence in the crypto market, as well as the entire finance sector. 

When it comes to market capitalization, it is important to note that Ethereum is not the only cryptocurrency that appears to be doing well. There are also other cryptocurrencies that appear to be breaking new ground. Zhao’s statement about Ethereum comes after Bitcoin had managed to increase its market capitalization enough to surpass Visa, one of the most renowned payment processors in the world. Presently, Bitcoin’s market cap has reached a whopping $507 billion. Moreover, with the continued upsurge in the top crypto in the market, it is likely that its market cap will exceed the combined market cap of both Visa and MasterCard. 

The market capitalization of both these companies is $487.79 billion and $334.97 billion, respectively. Hence, in order to exceed the total market cap of both these firms, Bitcoin has to reach a value of $823 billion. It is interesting to note that if Bitcoin continues to increase in value at the same pace as it has done in the last few months, then it is highly possible that the crypto will end up reaching that level soon. Other cryptocurrencies also seem to be doing quite well at the moment, since the entire space is booming once more.