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Ethereum Hits $3.2K, Surpasses Bank of America Market Cap as Bitcoin Soars Past $79K

Mon, 11 Nov 2024, 00:55 am UTC

Ethereum surpasses Bank of America in market cap as price hits $3,200. Credit: EconoTimes

Ethereum surged to $3,200 on Nov. 10, pushing its market capitalization to $383 billion and surpassing Bank of America's valuation. The milestone coincides with Bitcoin soaring past $79,000 following the U.S. presidential election, signaling a significant shift toward decentralized finance and blockchain adoption.

Ethereum Surpasses Bank of America in Market Cap Amid Post-Election Crypto Surge

In the wake of Donald Trump's triumph in the US presidential election, Bitcoin soared beyond $79,000, and Ethereum, the second-largest cryptocurrency by market value, reached $3,200 on November 10—its highest since August.

The market capitalization of Ethereum has increased by over 5% in the past 24 hours, reaching approximately $383 billion. This puts it about $40 billion ahead of the market capitalization of Bank of America, according to CoinMarketCap.

Crypto Market Dynamics Signal Shift from Traditional Finance

The fact that Ethereum is worth more than Bank of America demonstrates a change in the dynamics of the financial markets, where blockchain technology is starting to outpace traditional banking in terms of growth and adoption (TradFi), Cointelegraph explains.

As the US Securities and Exchange Commission contemplates listing the initial options linked to spot Ethereum exchange-traded funds (ETFs), the change signifies the growing appeal of decentralized finance (DeFi) and crypto assets.

Ethereum’s Price Experiences Strongest Weekly Surge Since May

The price of Ethereum (ETH) has had its best weekly performance since May, as the price of Bitcoin continues to push the boundaries to hit new ATHs.

The supply of Ethereum, however, has been rapidly expanding over the past week, at an inflationary pace of 0.424% per year, compared to a deflationary rate in early to mid-October.

Annual Supply of Ethereum Rises as Burn Rate Falls Short

Data from Ultrasound.money shows that there is a 0.42% rise in the yearly supply of Ethereum due to the 957,000 ETH issuance rate, which is more than twice the current burn rate of 452,000 ETH.

Although they have differing opinions, crypto analysts on X are in agreement that the price will continue to rise and that a new all-time high will be reached shortly.

Analysts Predict Ethereum’s Path Toward $4,000 Milestone

An anonymous X user said that Ethereum (ETH) "will most likely breeze through $4k" and predicted that the cryptocurrency will soon surpass the $4,000 mark.

While Poseidon predicted a similar course for X, he did so with the caveat that there would be a "pullback before the new ATH," with the price of ETH rising beyond $4,300.

Vitalik Buterin Introduces ‘Info Finance’ as Next Evolution in Blockchain

On the other hand, Ethereum co-founder Vitalik Buterin coined the term "info finance" on November 9.

Information finance, according to Buterin, is "a discipline" that starts with "a fact that you want to know" and concludes with a market that "optimally" extracts that information from market players.

The co-founder of Ethereum argued that prediction markets may help gather community wisdom about what's to come in a way that would excite the public without resorting to media manipulation or sensationalism.

TokenPost | [email protected]

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Great article. Requesting a follow-up. Excellent analysis.

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Great article. Requesting a follow-up. Excellent analysis.
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