Honestly, I know I am not supposed to be comparing the King of Altcoins Ethereum to the Bank of China because they are not similar, I mean Ethereum is a decentralized proof-of-work blockchain platform that establishes a peer-to-peer network that securely executes and verifies application code, called smart contracts, which in September this year after the Merge is supposed to transition from the proof-of-work to proof-of-stake if it doesn't get postponed again because it has been delayed several times in the past, that being said Ethereum is used in building many projects in the crypto space and it currently dominates the NFT large market, while the Bank of China is a centralized state-owned bank.
Reason Why I Am Comparing Ethereum And The Bank Of China's Market Cap
As I have said earlier I know I am not supposed to be comparing Ethereum's market cap value to that of the Bank of China, but here is why I am comparing them anyways, you know how often Crypto Critics, Banks, and Governments like to discredit crypto saying that it is worthless, is a scam and has no real value right? Now it turns out that one crypto amongst other cryptos that have been termed to be worthless is almost 2x worth more than the Bank of China market cap value.
As of August 2022 Bank of China has a market cap of $124.11 Billion. This makes the Bank of China the world's 100th most valuable company by market cap according to companiesmarketcap.com's data. The market capitalization, commonly called market cap, is the total market value of a publicly traded company's outstanding shares and is commonly used to measure how much a company is worth.
Ethereum Market Cap value is amongst 2x than the Bank of
Ethereum reclaimed above $200 billion market cap value and is currently at $208 billion in market cap value, Ever since the Fed announced the 75 basis point rate hike after the Federal Open Market Committee (FOMC), the overall crypto market has been more bullish than bearish and it is doing well but there have also been corrections. Yesterday Ethereum went from $1,748 down to $1,650 but now Ethereum is back over $1,700 and is currently trading at $1,708, so the market cap is naturally supposed to increase, Ethereum is doing well in my opinion.
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