With the cryptocurrency market moving with a bit of green activity in recent days, leading cryptocurrencies like Bitcoin and Ethereum have shined.

The second largest cryptocurrency by market capitalization, Ethereum, managed to rise above the $3000 level and remained stable above for several days, which helped the overall market capitalization of Ethereum to overpower many traditional financial institutions such as:

MasterCard and Bank of America.

According to information available on “CompaniesMarketCap.com,” Ethereum’s market capitalization as of press time is around $376.13 billion, which is slightly more than that of the leading Bank of America, which has a total market capitalization of $344 billion while payment giant MasterCard has a market capitalization of $337.12. Billion dollar.

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Despite the recent surge in the market capitalization of Ethereum, it is still miles behind JPMorgan Chase, which currently has a market capitalization of around $412 billion.

Interestingly, the market capitalization of Ethereum has increased over the past seven days by 10% to over $360 billion.

This increase also coincides with the appreciation of the currency also by about 11% to a price of more than 3 thousand dollars.

This is largely unsurprising because the “IntoTheBlock” report stated that large amounts of ETH have been withdrawn from the exchanges and it is usually an upward price movement of the coin.

Obviously, this is also currently happening, as more than 180,000 ETH was withdrawn from cryptocurrency exchanges on March 15th.

What is behind the current rise of Ethereum?

In an attempt to understand the reason for the current bullish trend of Ethereum, analysts see that the upcoming Ethereum upgrade will attract investors to the coin even more.

Reports have emerged that the upcoming transition of the Ethereum network from a working mechanism to a quota mechanism will make the asset more attractive to institutional investors who may be held back by energy consumption concerns.

Read:SEC announces postponement of decision on Valkyrie’s Bitcoin ETF

So it is expected that more investors will accumulate in Ethereum.

At the same time, the network could be able to control and stay ahead of the DeFi and NFT space from other contract-enabled blockchains such as Solana, Cardano, Avalanche, and others.

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