Ethereum’s recent gains saw it join Bitcoin on an exclusive list among the world’s biggest movers and shakers.
A 13% rise in the price of ETH over the past 24 hours has propelled Ethereum onto a list of the top 100 traded assets by market cap for the first time, as measured by CompaniesMarketCap.com.
Ethereum marched past 12 other entries on the list today and is currently positioned in the #88 spot, between Bristol-Myers Squibb at #89 and Anheuser-Busch at #87.
Up 62% in 2021 alone, the price of ETH crossed $1,200 today for the first time since Jan. 2018 and appears poised to overtake its all-time high set Jan. 13 of that year. This year’s gains translate into a $53 billion increase in Ethereum’s market cap, enough for it to overtake the market cap of several household conglomerates, including Wells Fargo, AstraZeneca, Philip Morris, Morgan Stanley, and Citigroup.
— CompaniesMarketCap.com (@CompaniesMarke1) January 6, 2021
Bitcoin — the only other cryptocurrency on the top 100 list — has also been on a tear through the rankings, surpassing Visa, Berkshire Hathaway, Alibaba and most recently Tencent, to move up to the #10 spot. With an estimated market cap of $12.19 trillion, gold sits atop the list by a margin of $10 trillion; its next closest competitor being Apple, at #2.
Similar to CoinMarketCap.com (though not associated with them), CompaniesMarketCap.com primarily tracks the valuations of publicly traded companies around the world and lists them in order of market cap size. The website’s “Top Assets by Market Cap” page arranges the market caps of companies, precious metals, ETFs and cryptocurrencies into a single list.
However, different assets are not necessarily directly comparable. The calculation for a market cap is traditionally determined by multiplying the price of a stock by its total number of shares, but in the case of cryptocurrencies, the market cap is determined by multiplying the price of a coin by its total supply. Precious metal market caps are measured by multiplying their price by total tonnage of supply, and therefore are only estimates.
For Ethereum to surpass Bitcoin in the market cap rankings, it would have to increase five fold in price to $6,100 while BTC remained the same price (ignoring supply change differences between now and then).