Ethereum market cap hits $337 billion, surpassing Nestle, P&G and Roche
Ether (ETH) has rallied more than 200% since the starting of this year, resulting in a massive $337 billion market capitalization. This impressive increase in figure pushed the value of the Ethereum network ahead of the major companies like Procter & Gamble ($326 billion) and PayPal ($308 billion).
There is not a bullet-proof metric available to figure out how Ether's value stacks against its potential. The cryptocurrency might simultaneously act as a digital store of value while also functioning as the token required to access the Ethereum network.
One must consider the coins deposited in exchanges or the percentage effectively changing hands when comparing to different asset classes. The existence of regulated derivatives markets allow institutional investors to bet against the asset's price, and it is another factor that should be accounted for.
As Ether surpassed the record $3,000 as of now and put Ethereum’s market cap on $337 billion, it has surpassed the market cap of the FMCG giant - Nestle, Consumer goods provider - Procter & Gamble, Payment giant - PayPal, and and Swiss healthcare MNC - Roche.
The American multinational consumer goods company Procter & Gamble (P&G) was founded in 1837 and holds a diversified brand portfolio, including personal health, consumer care, and hygiene. With over 100,000 employees worldwide, the conglomerate posted a $13 billion net income last year in 2020.
On the other hand, Ethereum network has 2,320 average monthly developers, according to data from Electric Capital' Developer Report. Although it is not a secular company, its decentralized applications (dApps) handles over 100,000 daily active addresses. It processes over $12 billion transactions on a daily basis.