Binance Chief Executive Officer Changpeng Zhao (CZ) made an interesting revelation that will be soothing to Ethereum and cryptocurrency enthusiasts.
He stated that the number two cryptocurrency in the world has a market capitalization that is bigger than so many top firms in the world. According to CZ, Ethereum’s market cap is now bigger than BMW, Ferrari, Baidu, GM, Spotify, and others.
He also said even though BNB’s (Binance Coin) market cap is considerably smaller in comparison with Ethereum, it’s still larger than the market cap of Xerox.
“ETH‘s market cap is larger than Spotify, GM, Baidu, Ferrari, BMW, and so on,” CZ remarked.
Industries shift. https://t.co/3z0SvxEVji
— CZ Binance (@cz_binance) December 26, 2020
Ethereum running close to Google
To compare tentatively, he said the Ethereum’s market cap is now closer to that of Google. At the time of writing, the market cap of Xerox is $4.48 billion, BMW is $47.18 billion, Ferrari $36.28 billion, while Badu’s market cap is $65.04 billion. General Motors has $59.51 billion, while Spotify has $61.61 billion.
Bitcoin and BNB have a brilliant future
CZ also said both the BNB and Ethereum coins have a brilliant future going by their year-in-year performance. Also, the potential of the Binance sensible chain and ETH 2.0 means both coins have a brighter future.
Additionally, there is an increased acceptance level and adoption of the DeFi protocol. When the DeFi protocol has been widely used, it will grow the worth of their respective digital property. CZ said the influence of Ethereum is already much in the cryptocurrency market and the entire finance sector.
Bitcoin’s market cap has exceeded Visa
Ethereum is not the only cryptocurrency doing well in the market when it comes to market capitalization. Other cryptocurrencies are also breaking new grounds. CZ’s statement about Ethereum is coming after Bitcoin overtook Visa when it comes to market capitalization.
Presently, Bitcoin’s market cap is about $507 billion.
Presently, Mastercard has a $334.97 market cap while Visa has $487.79 billion market cap. So, Bitcoin needs to reach about $823 billion to reach the market cap of both firms. Interestingly, if the activities of Bitcoin in recent months continue the same way, it won’t be too long before the cryptocurrency reaches that level. Other cryptocurrencies are also doing well at the moment in terms of market cap.