Ethereum flips market cap of JPMorgan and VISA as it chases all-time high

Ethereum temporarily flipped the market caps of JPMorgan and Visa as it pursued a new all-time high following a spate of bullish catalysts for the industry-leading blockchain.

According to data from Companies Market Cap – an aggregator which ranks the top global assets by market cap – Ethereum has now surpassed the market caps of leading payments provider Visa and global banking giant JP Morgan.

The data shows that Ethereum’s market cap of $513.29bn has now overtaken the two stalwarts of the business world by the ‘small’ margin of around $5bn close to its high.

Despite the flipping possibly being a temporary event as Ethereum fluctuates around the $4,200 price point, it has shown incredible strength following a robust rally from $3,800 yesterday and continues to chase a new all-time high (ATH).

Ethereum reached a local high of $4,366.09, according to CoinMarketCap, and follows Bitcoin’s resounding march to a new ATH of $66,930.39 yesterday.

Ethereum DeFi still reigns supreme

As Ethereum closes in on a new all-time high, it already reached a notable milestone in the DeFi space – smashing the $100bn total value locked (TVL) in DeFi barrier.

Data from Defipulse showed the TVL across the entire Ethereum ecosystem now totals $104bn, with Aave, Maker and Curve contributing heavily to the incredible metric.

The popularity of the DeFi space has now spread rapidly throughout the entire crypto industry, with the DeFi space also reaching a new record high of $242bn in TVL according to Defillama.

Additionally, many leading Layer-1 solutions like Avalanche and Solana have also reached new record highs in TVL.

It’s now estimated that Ethereum DeFi contributes to approximately 45% of the entire DeFi space in the cryptocurrency industry.