Ethereum Flips Mastercard in Market Cap Once Again

In a significant milestone, Ethereum has surpassed Mastercard's market capitalization for the second time, now becoming the 22nd largest asset. This notable accomplishment underscores asset’s growing influence in the crypto domain.

Ethereum Flips Mastercard for the Second Time

Reportedly, Ethereum has once again surpassed Mastercard in market capitalization, hitting $568.06 billion. This achievement has positioned cryptocurrency as the 22nd largest asset in the world. With a market cap of $541.46B, Mastercard closely follows in the 23rd spot.

Over a 24-hour time frame, the market cap saw a remarkable surge of 12.99%. It has also grown by 8% over the last seven days. The token's value has surged 21% weekly, pushing its market capitalization over $520 billion, putting it ahead of corporate giants like Netflix and Mastercard.

Significantly, this growth is driven by increased institutional investment and significant inflows into Ether ETFs . For instance, the recent positive flows reported around BlackRock's ETHA and Fidelity's FETH hold particular interest.

Notably, these inflows have countered significant outflows from the previous four trading sessions. This move propelled the Ether exchange-traded funds’ net inflows above $12B, with their total assets valued at about $27 billion. The nine ETF holdings reached a historic peak of 6.069 million on August 19, marking a significant increase from the 4.15 million recorded on July 8.

ETH Treasuries Grow

The ETH marketcap surge above that of Mastercard coincides with the growing adoption of the asset by corporates into their reserves. Industry giants like BitMine have aggressively accumulated ETH, choosing Ether over Bitcoin. Tom Lee, the Head of BitMine, states,

“In just a week, BitMine increased its ETH holdings by $1.7 billion to $6.6 billion (adding over 373,000 tokens from 1.15 million to 1.52 million tokens), as institutional investors have expressed interest and support for our pursuit of the 'alchemy of 5%'...As we continue to say, we are leading crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of our stock."

Interestingly, platforms like Sharplink Gaming and Ether Machine are also investing more into Ethereum. As Coin Gabbar reported recently, Ether Machine bought 15,000 ETH, worth $56.9 million at a price of $3,809.97 each.