Ethereum Is Now Worth More Than Australia’s Big 4 Banks Combined

Ethereum’s market cap is now worth more than Australia’s four largest banks combined after ETH surpassed $3,895 AUD in price — extending above $4,413 AUD on May 3, outpacing Bitcoin and most altcoins.

Ethereum’s market cap, as per Coinmarketcap, is now worth around $490 billion AUD, with a 10% surge in just 24 hours.

For comparison, the market cap of Australia’s four largest banks can barely come close to ETH even combined together (according to 2020 data):

• Commomwealth Bank of Australia (CBA): $122.7 billion AUD
• Westpact Banking Corp: $60.8 billion AUD
• NAB (National Australia Bank): $58.3 billion AUD
• ANZ (Australia and New Zealand Banking Group): $48.8 billion AUD
• Total market cap combined: $290.6 billion AUD

Ethereum Breaks Price Record After the Crash

After most crypto-assets tumbled in April’s market crash, ETH recovered quickly and remained above $2,500 USD.

One recent key event for Ethereum’s adoption was the European Investment Bank (EIB) announcing the issuance of $121 million USD digital bonds using the Ethereum blockchain.

Some analytsts suggest that growth of Ethereum has been quite organic over the last few months. The Network Value to Transaction (NVT) ratio indicates the relationship between network value and daily transaction volume. In the case of Ethereum, the NVT ratio looks on a downtrend.

This might have been due to a number of factors, including the activation of the Berlin fork or the growing popularity of decentralised exchanges like Uniswap (UNI) requiring Ethereum for many token swaps.