<p>The cryptocurrency market hit an all-time high on 3 November, 2021 </p>

The cryptocurrency market hit an all-time high on 3 November, 2021

Crypto market now worth more than top dozen largest banks combined

Latest Ethereum price record means it alone now ranks above every leading global bank in terms of market cap

Anthony Cuthbertson
Wednesday 03 November 2021 16:27
Comments
Leer en Español

The overall crypto market is now worth more than the top dozen of the world’s largest banks, after the price of several leading cryptocurrencies hit record highs on Wednesday.

All-time highs from Ethereum (ether) and Solana helped push the combined market cap of all cryptocurrencies above $2.75 trillion for the first time in its history, while bitcoin alone is now worth more than US giants like Meta (Facebook) and Tesla with a market cap above $1.19tn.

Follow The Independent’s live coverage of the crypto market

In comparison, the world’s largest bank JPMorgan Chase has a market cap of $503 billion – $40 billion less than that of Ethereum’s.

Combined with the rest of the top 12 biggest banks around the globe gives an overall market cap of just under $2.7 trillion for the traditional finance leaders.

View more

The cryptocurrency’s latest market cap record follows several months of astonishing growth, which have seen it add more than $1.5 trillion to its overall value since July.

It has been boosted by a resurgent bitcoin, which experienced a fresh all-time high in October, however it is the performance of other leading altcoins that is currently fuelling the climb.

After accounting for more than 80 per cent of the total crypto market capitalisation before 2017, bitcoin now makes up around just 40 per cent of the market, according to data from CoinMarketCap’s price index.

View more

The world of traditional finance has remained largely resistant to cryptocurrencies, with only some major banks in the US and Europe offering crypto trading services to institutional clients.

Singapore’s DBS Group became one of the first to offer the service to wealthy clients, while other banks appear to be softening their stance for ordinary customers following increased competition from challenger banks.

Australia’s Commonwealth Bank, which is the world’s 12th largest, announced this week that it would offer a platform for retail customers to trade cryptocurrencies on its mobile banking app.

The bank’s chief executive Matt Comyn said: “We believe we can play an important role in crypto to address what’s clearly a growing customer need.”

View more

Following its latest price high, Ethereum now ranks above every leading global bank in terms of market cap, as well as other traditional finance giants like Mastercard and Visa.

In a further merging of legacy and emerging financial technology, Mastercard recently announced plans to open up its payments infrastructure to crypto transactions “soon”, offering thousands of businesses and millions of customers access to cryptocurrency payments.

“We want to offer all of our partners the ability to more easily add crypto services to whatever they’re doing,” Sherri Haymond, Mastercard’s executive vice president of digital partnerships, said in a recent interview. “Our partners, be they banks, fintechs or merchants, can offer their customers the ability to buy, sell and hold cryptocurrency.”

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in