Ethereum has now surpassed Mastercard’s market valuation by around $15B.
This comes after ETH soared by 20% amid optimism about spot ETF approval.
If ETH cracks its ATH $4,891, its market cap will exceed that of Visa by $17B.
In a significant development, Ethereum, the second-largest cryptocurrency by market capitalization, has eclipsed the market valuation of Mastercard, a global leader in payment processing.
According to recent data, Mastercard’s market capitalization stands at $427.3 billion, reflecting a modest decline of 0.13% over the past 24 hours. Meanwhile, Ethereum’s market capitalization now exceeds $441.8 billion.
This surge comes after Ethereum’s price rallied by over 20% within the last few hours, reaching a two-month high of $3,714. While Ethereum has experienced a slight correction, settling at $3,678 at the time of writing, its market valuation remains comfortably ahead of Mastercard’s by $14.5 billion.
ETH market statistics | CoinMarketCap
The significant uptick in Ethereum’s price can be partly attributed to growing optimism surrounding the SEC’s approval of pending applications for Ethereum spot ETFs.
Specifically, the SEC has reportedly contacted at least one exchange and one potential issuer of an Ethereum spot ETF to request updates on their 19b-4 filings. Industry insiders familiar with the situation suggest that this could signal an increased likelihood of SEC approval.
Reflecting on these developments, Bloomberg ETF analysts James Seyffart and Eric Balchunas have revised upwards their prediction for SEC approval of an Ethereum spot ETF, from a 25% probability to a more optimistic 75%.
Following the SEC’s approval for Bitcoin spot ETFs in January, Bitcoin reached a new all-time high of $73,750 in March. A similar scenario is being contemplated for Ethereum.
Meanwhile, Ethereum’s market capitalization remains $128 billion below that of Visa, one of Mastercard’s closest competitors in the payment processing space. Notably, if Ethereum surpasses its 2021 all-time high of $4,891, its market valuation would reach $587 billion, exceeding that of Visa by $17.72 billion.
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