Following a 22% surge on Monday, Ethereum's market cap has surpassed that of Mastercard, ranking 24th among the world's largest assets.
The rise in the price of Ethereum in the last week has caused the market capitalization of the cryptocurrency to exceed $454.000 billion in the market.
ETH, the native cryptocurrency of the Ethereum blockchain, is trading above $3.790 dollars per unit, driven by community perspectives on the possible approval of cryptocurrency spot ETFs in the United States this week.
According to data from the CompaniesMarketCap platform, Ethereum's market capitalization grew by 22% on Monday, leaving behind Mastercard, one of the largest financial services companies globally, and approaching the market capitalization of Tencent, China's leading technology multinational.
Source: CompaniesMarketCap
Will Ethereum ETFs be approved in the US?
The strong upward momentum that the Ethereum price is experiencing in the market has been triggered by the incipient optimism about the cryptocurrency's ETFs. As reported by this media, the United States Securities and Exchange Commission (SEC) will respond to VanEck, on its application to launch an Ethereum-based exchange-traded fund on the market, on Thursday, May 23.
Although, until a few hours ago, Bloomberg ETF experts considered that the probability of approval of these funds was 25%, they changed their minds and increased the chances of approval to 75% On Monday, waking up a New enthusiasm among investors and the crypto community.
Bloomberg hedge fund specialist Eric Balchunas anticipates that the SEC could be preparing to approve 19b-4 filings, and list Ethereum spot ETFs on the country's major stock exchanges, possibly tomorrow.
The SEC is currently evaluating the possible approval of 10 Ethereum Exchange Traded Fund Applications which were carried out by the country's largest fund managers, including BlackRock, Fidelity, Franklin Templeton and Grayscale Investments, among others.
An unexpected turn from the SEC
The U.S. securities regulator took an unexpected turn on Monday, requiring the country's major stock exchanges to update 19b-4 filings to list Ethereum exchange-traded funds.
Given this, not only Bloomberg ETF analysts became optimistic about the possible approval of the funds, but the British bank Standard Chartered said that the funds will probably be approved this week and that, in its first year of trading on the market, it could register between $15.000 and $45.000 million in tickets.
The 24th largest asset in the world
Amid renewed optimism over the potential approval of spot ETFs, Ethereum is also reporting an impressive increase in its daily trading volumes, which currently exceed $44.000 billion. According to data from CoinMarketCap, this metric, which details how much a cryptocurrency has been traded in a day on the market, is up more than 300% in the past 24 hours.
Source: CoinMarketCap
Ethereum is The main altcoin of the crypto market and has now become the twenty-fourth (24th) largest asset in the world, in terms of market capitalization, rivaling several of the leading companies that dominate the global economy.
In addition to surpassing Mastercard in market cap, Ethereum has also left behind other major corporations such as Samsung, Bank of America, Alibaba, Wells Fargo and the Bank of China, one of the largest commercial banks in Asia.
