Ethereum’s Market Cap Inches Closer to Platinum After Surpassing Toyota, Netflix

Ethereum has witnessed increased popularity with the asset earning unique real-world use cases alongside exciting network development. With the growth, Ethereum’s market capitalization is also ranking on almost similar levels with traditional assets.

Data acquired by cryptocurrency trading simulator Crypto Parrot indicates that among selected assets, Ethereum’s (ETH) market cap of $268.8 billion as of July 6, 2021, is higher than Exxon Mobil’s (XOM) $258.99billion. The crypto’s valuation also ranks higher than Nike’s (NIKE) market cap of $249.72 billion. Motor manufacturer Toyota’s (TM) market cap of $242.79 billion trails Ethereum alongside streaming giant Netflix’s (NFLX) $238.28 billion.

Other traditional assets that trail Ethereum in market cap include Comcast (CMCSA) at $261.24 billion), L’Oréal’s (OR.PA) $246.53 billion and Verizon (VZ) at $ 232.63 billion.

Elsewhere, Platinum’s (PLAT) market cap of $270.6 billion tops the ten selected assets. ICBC (1398.HK) is a notable asset with a slightly superior market cap than Ethereum at $268.99 billion.

Ethereum a potential destination for institutional investors 

The report highlights some of the factors behind Ethereum’s rise to surpass the market capitalization of some leading traditional assets. According to the research report:

“At the same time, institutions are also showing interest in Ethereum’s public blockchain. Institutions are looking for ways to leverage the network in the wake of Bitcoin stagnating faced with regulatory and environmental concerns. The factors have played a role in institutional activity around Bitcoin slowing down, but some analysts believe the scenario offers other assets like Ethereum an opportunity to fill the void.”

With the possibility of investing in Ethereum, some of the highlighted traditional assets have the potential of rising in value, in return impacting the value of the cryptocurrency.