Ethereum has temporarily flipped market caps for JPMorgan and Visa on Thursday (Oct. 21) after several bullish catalysts, a report said.
Data from the Companies Market Cap said that Ethereum, with a market cap of $513.29 billion, has now surpassed the market caps of both JPMorgan and Visa by a small margin of around $5 billion at its height, according to Coin Rivet.
The possibility of flipping might be a temporary event. With Ethereum fluctuating around $4,200, the coin has shown some resilience after a rally Wednesday where it was at $3,800, though the coin continues to go for new highs.
Ethereum also reached a new milestone for the coin, as it beat the total value locked in the decentralized finance assets (DeFi) barrier of $100 billion.
According to DeFi Pulse, total value locked (TVL) across the Ethereum ecosystem is now $104 billion, thanks to heavy contributions from Aave, Maker and Curve.
Many leading Layer-1 solutions, like Avalanche and Solana, have also gotten new highs. The report said Ethereum DeFi contributes to around 45% of the whole DeFi space in the crypto industry.
The recent surge in Bitcoin prices has boosted DeFi past the $100 billion mark for the first time, PYMNTS wrote.
Read more: Rise in Bitcoin Pushes DeFi Past $100B Mark
Citing data from DeFi Pulse, the information came from adding up the balance of ether and other assets held in smart contracts settled on Ethereum, which is then multiplied by the price in dollars.
The report said lending on cryptocurrency platforms was up 15% last week, hitting $50.7 billion. Crypto exchange transactions were also boosted by almost 8.6%.
Additionally, the number of bitcoin used in DeFi has been boosted 8%, from 194,130 to 209,575 — and the number of ether in use was increased by 3.5%.
The Securities and Exchange Commission was recently ready to let the first bitcoin futures ETFs begin trading. That speculation let bitcoin go above $60,000 last week — the highest it had been since April.