Ethereum ETH/USD Surpasses Bank of America Corp BAC in Market Cap, as Jeffrey Wilcke Transfers 78,000 ETH

ETH reached a market cap of $327.82 billion, which is higher than Bank of America's market cap of $326.20 billion.

Ethereum's price rose on Monday, as the token crossed Bank of America in market cap, and an Ethereum co-founder made a large transfer of ETH to Kraken.

What Happened: Ethereum's ETH/USD price rose by 0.77% over the past 24 hours, trading at $2,654.33 at press time. The token grew by 1.95% over the week, and has surged by 48.44% over the month.

The growth comes on the back of Ethereum's milestone, as it crossed Bank of America Corp (NYSE:BAC) by market cap, while ETH Co-founder makes a large transfer.

ETH reached a market cap of $327.82 billion, which is higher than Bank of America's market cap of $326.20 billion. Bank of America has existed for more than a century, while Ethereum has outpaced it within a decade, giving a boost to investors' confidence, and a strong sign that crypto is surpassing traditional finance on more than just technical grounds.

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The Ethereum network has completed the Pectra upgrade that doubled the capacity of its layer-2 solutions. The upgrade improved validator tools, as well as smart wallets, which make products in the Ethereum ecosystem easier to use.

Stripe has integrated Ethereum-based stablecoin accounts, enabling users in more than 100 countries to receive, send, and store assets like USDC. Ethereum has the potential to become the global infrastructure for decentralized finance.

Ethereum co-founder, Jeffrey Wilcke, made a transfer of 78,000 ETH (around $260 million) to Kraken, raising concerns among traders. Wilcke's previous large sales have coincided with local market peaks.

The timing is also right as ETH's price has nearly doubled its recent low at $1,390, which can invite a short-term correction.

Bitcoin BTC/USD saw a similar pattern, where an anonymous whale placed an $800 million leveraged long bet on the token using 40x leverage.

With the Federal Reserve adding to the uncertainty with unclear policy signals, traders are now worried about a violent market shift.

A post from Ethereum's official X account, formerly Twitter, showed 21 developments over the last few weeks.

Along with the Pectra update and Stripe integration, names like CoalaPay, BTCS Inc (NASDAQ:BTCS), and Coinbase Global Inc (NASDAQ:COIN) have contributed to Ethereum's growing reach and technical ability. Layer-2 solutions are active, secure, and faster than ever, and the ecosystem continues to innovate in ways that traditional finance can't keep up with.

Ethereum passing Bank of America indicates that talent, capital, and attention are pouring into it, not due to hype, but because it's providing actual utility.

It's the space for developers to build, users to spend, and a new financial infrastructure to form.

More Opportunities:Get involved in the conversation on TipRanks' new crypto discussion forum

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