Connect with us

Ethereum

Ethereum Has $31 Billion More Market Cap Than The Bank Of China. Is The Age Of Mass Ethereum And Big Eyes Coin Adoption Now?

Published

on

Ethereum Has $31 Billion More Market Cap Than The Bank Of China. Is The Age Of Mass Ethereum And Big Eyes Coin Adoption Now?

Crypto and finance news website Watcher.Guru recently announced on Twitter that Ethereum (ETH) has a larger market capitalization than The Bank Of China.

A majority state-owned bank based in Beijing, The Bank Of China is the fourth largest bank in the world and was founded over 100 years ago. Little could its founders have known that someday it would be overtaken by a currency that was invisible to see and entirely based on blockchain technology.

As it stands, The Bank Of China, in November 2022, has $118 billion in market capitalization. Ethereum, on the other hand, has $149 billion in market capitalization.

Advertisement

Is this a sign that traditional banking as we know it will eventually succumb to the popularity of cryptocurrencies? And will tokens such as Big Eyes Coin (BIG) become more popular than fiat currency? 

 

Ethereum Has More Market Cap Than All The World’s Banks (Except ICBC)

While Ethereum may have $31,000,000,000 more market capitalization than The Bank of China, it also has more market capitalization than the 3rd, and 2nd, largest banks in the world (Agricultural Bank of China and China Construction Bank).

This means that it falls just short of the largest bank in the world: Industrial and Commercial Bank of China Limited (ICBC), which has a market capitalization of $197.12 billion. The ICBC ranks as the 45th largest company in the world.

Advertisement

At one point, Ethereum had garnered a staggering market capitalization of $547 billion in late 2021. If it had maintained that same level, it would almost be the same capitalization as Tesla (TSLA). Consequently, the crypto market continues to prove that the popularity of blockchain is not going away. 

 

As Far From ICBC As Possible: Big Eyes Coin Makes Finance Cute And Fluffy?

Built on the Ethereum blockchain, Big Eyes Coin is a presale meme coin that has the potential to bring about the mass adoption of cryptocurrency. The reason for this is that it is almost the complete opposite of traditional banking and finance.

Big Eyes Coin breaks every expectation regarding currency, but this very prospect could foster immense popularity.

Advertisement

The world is changing. Internet culture and power are slowly taking over the globe. The rise of memes and pictures of cute cats has affected almost every person’s life. Big Eyes Coin combines the two of them. A meme coin with a cat character, Big Eyes Coin, is in the right position for an audience that will only exponentially increase with time.

 

Is Finance As We Know It Shifting In A New Direction?

While the largest companies by market capitalization remain to be commercial companies and banks that for the most part, host “serious” brand personas, the world is becoming more ironic and versed in internet culture than we’d like to admit.

Even the more serious cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), might be anxiously watching to see if meme currencies take off.

Advertisement

In the meantime, Ethereum’s position in the world’s finance market is only a sign that our planet is changing. One where a meme currency about a cute cat saving the world’s oceans can grow immensely popular.

Use the code BIGPRIZE91 for a BIG bonus!

 

For more information on the project:

Presale: https://buy.bigeyes.space/

Website: https://bigeyes.space/

Advertisement

Telegram: https://t.me/BIGEYESOFFICIAL

The post Ethereum Has $31 Billion More Market Cap Than The Bank Of China. Is The Age Of Mass Ethereum And Big Eyes Coin Adoption Now? appeared first on Analytics Insight.

Advertisement

Altcoins

Layer 2 networks see jump in dApp migration; the reason might surprise you

Published

on

Layer 2 networks see jump in dApp migration; the reason might surprise you

  • dApps have increased migration to layer 2 networks.
  • Arbitrum continues to lead as the layer 2 network with the highest TVL

Gas fees spent by layer 2 (L2) Ethereum scaling solutions to settle proofs on Ethereum have clinched an all-time high as decentralized applications (dApps) native to layer 1 networks increase migration to L2s, a new report from Messari showed. 

L2 networks are separate blockchains that extend the functionalities of the Ethereum network and inherit the security guarantees of Ethereum. Transactions are executed on these L2s and then batched up to the base layer, Ethereum. 

To settle proofs of these batched-up transactions on Ethereum, L2s are required to pay gas fees for the network’s security. 

Therefore, as more applications and their users migrate to these L2s, ramping up the number of transactions processed and batched, the amount paid as gas fees to settle proofs by L2s has also rallied to an all-time high.

For example, in September, leading NFTs marketplace OpenSea announced support for leading L2 network Arbitrum. In the same month, the cryptocurrency trading platform Matcha, confirmed its deployment on Arbitrum. Likewise, in October,  leading Ethereum [ETH] staking platform Lido Finance announced its launch on two L2 networks, Arbitrum and Optimism. 

Advertisement

Arbitrum takes the lead

According to data from L2Beat, with a total value locked (TVL) of $2.30 billion, Arbitrum ranks as the top L2 platform in today’s market. 

Source: L2Beat

Due to its Nitro upgrade launched in August, Arbitrum “can support 7-10x higher throughput and has advanced compression techniques that allow for cheaper transactions, which attracts more activity,” Messari found.

This upgrade has led to a significant surge in the number of daily transactions processed on the L2 network.

Source: Delphi Digital

Advertisement

Furthermore, as FTX’s unexpected collapse eroded investors’ trust in centralized cryptocurrency exchanges, many investors moved to decentralized exchanges. 

This contributed to Arbitrum’s growth in the last month, as GMX, a “decentralized exchange (DEX) for perpetuals native to Arbitrum and Avalanche, experienced a significant volume increase during the FTX fiasco,” Messari reported. 

On 7 November, GMX logged $5 billion in margin trading volume, a 75% rally from the previous day.

Following FTX’s implosion, DEX tokens have been outperforming CEX tokens over the past week:

📈 DEX +26% vs. #BTC
📉 CEX -2.5% vs. #BTC pic.twitter.com/NBkLxNBBOb

— Delphi Digital (@Delphi_Digital) November 17, 2022

Advertisement

Not far behind

Optimism has also benefitted from the increased migration of dApps to L2 in the past few months. Messari found that in the last three months, the count of transacting addresses on the network rallied by 120%. 

Source: Messari

Per data from Etherscan, the network saw its highest daily number of transactions (499,720) on 9 November in the heat of the FTX saga. 

Source: Optimism Etherscan

Advertisement

Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.

Advertisement

Continue Reading

Analysis

Biggest Movers: LTC, ATOM Extend Declines, Hitting 10-Day Lows 

Published

on

Biggest Movers: LTC, ATOM Extend Declines, Hitting 10-Day Lows 

Litecoin fell for a third consecutive session on Thursday, as the token continued to move away from recent highs. Cryptocurrencies have been mostly lower in recent days, as traders continue to fear a global recession. Cosmos also remained in the red during today’s session.

Litecoin (LTC)

Litecoin (LTC) dropped to a ten-day low on Thursday, with the token falling for a third straight session.

Following a high of $79.20 on Wednesday, LTC/USD moved to a low of $74.82 earlier in the day’s session.

Advertisement

As a result of this, the token fell to its lowest point since November 29, when prices hit a bottom of $73.39.

LTC/USD – Daily Chart

Looking at the chart, it appears that litecoin bears are hoping to push prices towards a floor at $73.00.

This seems a possibility, especially with the 14-day relative strength index (RSI) fast approaching a floor of its own.

The index is currently tracking at 57.10, and seems to be moving towards a support point of 53.00.

Cosmos (ATOM)

Another notable token on Thursday has been cosmos (ATOM), which fell to a ten-day low earlier in the day.

Advertisement

ATOM/USD fell to a bottom of $9.52 on Thursday, before bulls reentered the market and bought the recent dip.

Today’s bottom saw cosmos trade at its lowest level since November 28, which was the last time the token hit its floor at $9.45.

ATOM/USD – Daily Chart

As of writing, ATOM has mostly rebounded, and is currently trading at the $9.71 level.

In addition to this, the RSI has bounced from a floor of its own at 39.50, and is currently tracking at 41.40.

Should momentum continue in an upward direction, ATOM bulls will likely target a move above the $10.00 mark.

Advertisement

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story

Do you expect cosmos to move above $10.00 this week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Advertisement

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Continue Reading

Analysis

Bitcoin, Ethereum Technical Analysis: BTC Nears 10-Day Low, As Bears Regain Market Sentiment

Published

on

Bitcoin, Ethereum Technical Analysis: BTC Nears 10-Day Low, As Bears Regain Market Sentiment

Bitcoin continued to slip on Thursday, with the coin remaining close to its lowest level since the end of November. Momentum in cryptocurrency markets has shifted in recent days, with sentiment currently bearish. Ethereum was also lower, with the token dropping towards $1,200.

Bitcoin

Bitcoin (BTC) remained near a one-week low on Thursday, as cryptocurrencies continued to trade in the red.

BTC/USD slipped to a bottom of $16,750.56 earlier in the day, less than 24 hours after trading at a high of $17,061.48.

Advertisement

The move saw the world’s largest cryptocurrency move closer to a recent support point of $16,700.

BTC/USD – Daily Chart

After failing to break out of a ceiling at the 50.00 level earlier in the week, the 14-day relative strength index (RSI) is now tracking at 45.50.

Should price strength continue to plummet, the next visible point of support seems to be at the 43.00 mark.

Bears in the market will be hoping that this floor is not only hit, but broken, which could trigger a move below $16,000.

Ethereum

Like bitcoin, ethereum (ETH) also edged lower in today’s session, with prices falling for a second straight day.

Advertisement

Following a high of $1,252.30 on Wednesday, ETH/USD dived to a low of $1,224.45 earlier in the day.

Today’s drop in price pushed ethereum below a recent support point at the $1,230 level, with prices hitting a nine-day low as a result.

ETH/USD – Daily Chart

Looking at the chart, the 10-day (red) moving average remains high, which some see as a signal that a bullish reversal could still be on the cards.

Despite this, momentum seems bearish, with the RSI tracking at 46.72, which is its lowest point since November 29.

The index now appears to be heading towards a support point at the 45.00 level.

Advertisement

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story

Will ethereum end the week below or above $1,200? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Advertisement

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Continue Reading

Top posts

Massachusetts Senator Forwards Bill Aimed At Forcing Crypto Miners To Report Greenhouse Gas Emissions Massachusetts Senator Forwards Bill Aimed At Forcing Crypto Miners To Report Greenhouse Gas Emissions
Bitcoin54 mins ago

Massachusetts Senator Forwards Bill Aimed At Forcing Crypto Miners To Report Greenhouse Gas Emissions

On Dec. 8, 2022, three Democratic politicians from Massachusetts, Oregon, and California revealed legislation aimed at combatting “energy-intensive” cryptocurrency mining...

I Talked To 37 People Who Doubled Their Income. 5 Things They All Had In Common I Talked To 37 People Who Doubled Their Income. 5 Things They All Had In Common
Talked2 hours ago

I Talked To 37 People Who Doubled Their Income. 5 Things They All Had In Common

Courtesy of Robert Rodriguez Bringing more total monthly income into the picture is one of the best ways to accelerate...

Assessing what’s next for Yearn Finance (YFI) as we gear up to close Q4 Assessing what’s next for Yearn Finance (YFI) as we gear up to close Q4
Altcoins11 hours ago

Assessing what’s next for Yearn Finance (YFI) as we gear up to close Q4

YFI suffers a bearish divergence that indicates a decline in buying momentum. Sellers take control of the YFI market during...

CryptoSlate Wrapped Daily: Hopes for Celsius withdrawals to reopen, Do Kwon questions SBF involvement in LUNA crash CryptoSlate Wrapped Daily: Hopes for Celsius withdrawals to reopen, Do Kwon questions SBF involvement in LUNA crash
Wrapped13 hours ago

CryptoSlate Wrapped Daily: Hopes for Celsius withdrawals to reopen, Do Kwon questions SBF involvement in LUNA crash

CryptoSlate Wrapped Daily: Hopes for Celsius withdrawals to reopen, Do Kwon questions SBF involvement in LUNA crash Liam ‘Akiba’ Wright...

Uniswap NFT volume declines by a great margin, but here’s the catch Uniswap NFT volume declines by a great margin, but here’s the catch
Altcoins13 hours ago

Uniswap NFT volume declines by a great margin, but here’s the catch

Uniswap witnessed a decline in NFT volume lately. This decline affected other areas of the DEX, including the count of...

Huobi predicts crypto market bottom in early 2023 Huobi predicts crypto market bottom in early 2023
Analysis13 hours ago

Huobi predicts crypto market bottom in early 2023

Huobi predicts crypto market bottom in early 2023 Christian Nwobodo · 15 mins ago · 2 min read According to...

Forex Trading in Portugal Forex Trading in Portugal
Uncategorized13 hours ago

Forex Trading in Portugal

European traders also have massive potential for gains when trading forex. If you’re a trader living in Portugal and thinking...

Is Bitcoin Bottom In? This On-Chain Condition Hasn’t Been Met Yet Is Bitcoin Bottom In? This On-Chain Condition Hasn’t Been Met Yet
Bitcoin13 hours ago

Is Bitcoin Bottom In? This On-Chain Condition Hasn’t Been Met Yet

A Bitcoin on-chain metric still hasn’t formed the same condition as in the previous bottom, suggesting that the current low...

Kevin O’Leary paid $15 million as a FTX spokesperson, but lost it all Kevin O’Leary paid $15 million as a FTX spokesperson, but lost it all
Bankruptcy13 hours ago

Kevin O’Leary paid $15 million as a FTX spokesperson, but lost it all

Kevin O’Leary paid $15 million as a FTX spokesperson, but lost it all Soumen Datta · 2 hours ago ·...

Simply Business Insurance Review Simply Business Insurance Review
Uncategorized13 hours ago

Simply Business Insurance Review

Simply Business Insurance Ratings at a Glance Product Offerings Simply Business Customer Service Simply Business Claims Support Simply Business Pricing...

Best Cheap Seasonal Motorcycle Insurance Best Cheap Seasonal Motorcycle Insurance
Uncategorized14 hours ago

Best Cheap Seasonal Motorcycle Insurance

All riders will agree that there is nothing like hitting the open road on your motorcycle. It is an indescribable...

Hiscox Insurance Review Hiscox Insurance Review
Uncategorized14 hours ago

Hiscox Insurance Review

If you own a small business, you likely want to do all you can to ensure that it is protected...

Binance Labs leads funding round for GoPlus Security to advance web3 security infrastructure Binance Labs leads funding round for GoPlus Security to advance web3 security infrastructure
Exchanges14 hours ago

Binance Labs leads funding round for GoPlus Security to advance web3 security infrastructure

Binance Labs leads funding round for GoPlus Security to advance web3 security infrastructure Josh O’Sullivan · 3 hours ago ·...

MATIC Price Battles Under $1 Despite Bullish Signals MATIC Price Battles Under $1 Despite Bullish Signals
Cryptocurrency news15 hours ago

MATIC Price Battles Under $1 Despite Bullish Signals

The Polygon (MATIC) price momentum registered a positive shift over the last 24 hours. The altcoin gained close to 3%....

Layer 2 networks see jump in dApp migration; the reason might surprise you Layer 2 networks see jump in dApp migration; the reason might surprise you
Altcoins15 hours ago

Layer 2 networks see jump in dApp migration; the reason might surprise you

dApps have increased migration to layer 2 networks. Arbitrum continues to lead as the layer 2 network with the highest...

TRON [TRX] is ready for a further rally; investors can profit from this level TRON [TRX] is ready for a further rally; investors can profit from this level
Altcoins16 hours ago

TRON [TRX] is ready for a further rally; investors can profit from this level

TRX was in a bullish market structure. A break of the current support resistance at the 38.2% Fib level ($0.5345)...

Waves down 12% as Upbit issues investment warning Waves down 12% as Upbit issues investment warning
Stablecoins17 hours ago

Waves down 12% as Upbit issues investment warning

Waves down 12% as Upbit issues investment warning Christian Nwobodo · 5 hours ago · 1 min read Upbit has...

Biggest Movers: LTC, ATOM Extend Declines, Hitting 10-Day Lows  Biggest Movers: LTC, ATOM Extend Declines, Hitting 10-Day Lows 
Analysis17 hours ago

Biggest Movers: LTC, ATOM Extend Declines, Hitting 10-Day Lows 

Litecoin fell for a third consecutive session on Thursday, as the token continued to move away from recent highs. Cryptocurrencies...

Trending

Free Bitcoin MiningEarn from $50 to $75 daily with just your phone