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Ethereum Overtakes Mastercard

On the company’s earnings, according to Michael Miebach, Mastercard’s CEO, he stated that “We delivered strong revenue and earnings growth this quarter, benefiting from our revenue diversification efforts. We believe that most markets are on a growth phase domestically and there is upside potential in cross-border travel. We’re winning significant new deals and we continue to focus on our strategic priorities to drive growth over the long term.”

 

As of the time of writing this report, Ethereum, the second most valuable cryptocurrency with a market capitalization of approximately $377 billion and a current market price of $3,220, had flipped Mastercard, which has a market capitalization of approximately $360 billion and a market price of $367.48, by $17 billion.

 

The altcoin market has been soaring over the last month, with market capitalization increasing by around 36% from $767 billion a month ago to over a trillion dollars at the time of writing this piece. Many cryptocurrencies, including top-ranked coins such as ETH, ADA, BNB, and XRP, have seen double-digit rises.

 

Ether, the native currency of the Ethereum blockchain, has gained more than 50% in the previous month, gaining momentum from the release of the London hardfork upgrade, which adds a deflationary feature to the Ethereum blockchain.

 

Since the release of the upgrade last week, the network has burned over 26,730 ETH, which is approximately $86 million at the current price of Ether, with NFT platform OpenSea, Decentralized Finance (DeFi) platform Uniswap V2, and gaming platform Axie Infinity accounting for the top three contributors to the burned tokens. As of the time of writing this report, the three accounted for 6,900 ETH burnt, or around 25% of all tokens burned.

 

Apart from Mastercard, Ether is more valuable than well-known corporations like Bank of America, which has a market capitalization of $348 billion, PayPal, which has a market capitalization of $322 billion, and Coca-Cola, which has a market capitalization of $245 billion.

 

Ethereum is rapidly expanding as the network transitions from a Proof-of-Work (POW) consensus process to a Proof-of-Stake (PoS) mechanism.