Ethereum (ETH) Price Surpasses Bank of America (BoA) Market Cap as Altcoin Valuation Soars to $327B

Ethereum has taken a major leap, surpassing Bank of America (BoA) as the altcoins valuation soars to $327 billion earlier today

The altcoin has taken a major leap, surpassing Bank of America (BoA) as the altcoins valuation soars to $327 billion earlier today, with ETH price hitting $2,725 levels for the first time since February. Additionally, inflows into spot Ether ETFs have surged above $100 million, suggesting a strong inflow of institutional money. All eyes are on ETH price regaining $3,000 and moving to its fresh all-time high.

According to crypto analyst Ali Martinez,

“ETH has quickly added $100B to its market cap in the last 15 days as it recovers. In this journey, it has overtaken Nestle, Alibaba, Coca-Cola, and now BoA. Next stop, greater foolishness.”

ETH has quickly added $100B to its market cap in the last 15 days as it recovers. In this journey, it has overtaken Nestle, Alibaba, Coca-Cola, and now BoA.

Next stop, greater foolishness. 🎲

— Ali (@ali_chart) August 17, 2023

With this upside, ETH has built “a solid support floor at $2,370, with no significant resistance walls ahead!”

"ETH has built a strong support floor at $2,370, and there's no significant resistance wall ahead!"

The crypto market is heating up again. ⁴

— Ali (@ali_chart) August 17, 2023

According to crypto analyst Kyledoops, Ethereum price has surpassed its Realized Price of $1,900, marking a return to profitability for the average holder. Moreover, the largest altcoin is also trading above the True Market Mean of $2,400, a critical threshold in previous market cycles.

The analyst added that the next level to watch is the Active Realized Price at $2,900. Reclaiming this level could reignite confidence and draw more capital into the market.

"ETH has crossed above its Realized Price at $1,900, indicating that the average holder is now in profit. It's also trading above the True Market Mean at $2,400, a significant price point in previous market cycles."

Next key level to watch is Active Realized Price at $2,900. Reclaiming it could bring back confidence and capital."

"ETH has crossed above its Realized Price at $1,900, indicating that the average holder is now in profit. It's also trading above the True Market Mean at $2,400, a critical price point in previous market cycles.

Next level to watch is Active Realized Price at $2,900. Reclaiming it could reignite confidence and draw more capital into the market." pic