A report said that Ethereum temporarily flipped the market caps of JPMorgan and Visa on Thursday (October 21) after several bullish catalysts.
Data from the companies’ market capitalization said that Ethereum, with a market capitalization of $513.29 billion, has now crossed the market caps of both JPMorgan and Visa by a meager margin of about $5 billion at its height, according to Coin Rivet.
The possibility of flipping may be a temporary event. With Ethereum fluctuating around $4,200, the coin showed some resilience after Wednesday’s rally at $3,800, although the coin continued to climb to new highs.
Ethereum has also reached a new currency milestone, beating the total value booked in the $100 billion decentralized finance (DeFi) asset barrier.
According to DeFi Pulse, the total value locked (TVL) across the Ethereum ecosystem is now $104 billion, thanks to significant contributions from Aave, Maker and Curve.
Many of the leading tier 1 solutions, such as Avalanche and Solana, have also attained new heights. The report said that Ethereum DeFi accounts for about 45% of the entire DeFi space in the crypto industry.
PYMNTS writes that the recent surge in bitcoin prices has boosted DeFi to cross the $100 billion mark for the first time.
Read more: Bitcoin Rise Pushes DeFi Over $100 Billion Mark
Citing data from DeFi Pulse, the information came from adding the balance of ether and other assets held in Ethereum-settled smart contracts, which are then multiplied by the dollar price.
The report said that lending on cryptocurrency platforms increased by 15% last week, reaching $50.7 billion. Cryptocurrency exchange transactions are also boosted by about 8.6%.
In addition, the number of bitcoins used in DeFi increased by 8%, from 194,130 to 209,575 – and the number of ether used increased by 3.5%.
The Securities and Exchange Commission was recently ready to allow the first Bitcoin futures ETFs to begin trading. This speculation allowed Bitcoin to rise above $60,000 last week – its highest level since April.