Ethereum Reaches $3.2K, Overtakes Bank of America in Market Cap

Ethereum, the second-largest cryptocurrency by market cap, reached $3,200 on November 10—its highest level since August—while Bitcoin surged past $79,000 following Donald Trump’s win in the U.S. presidential election.

According to CoinMarketCap, Ether’s market cap now stands at approximately $383 billion, rising nearly 5% in the last 24 hours, putting it around $40 billion above the market cap of Bank of America.

This impressive valuation highlights a shift in market dynamics, as the rapid growth and adoption of blockchain technology continue to challenge traditional finance (TradFi) systems.

The surge points to the growing influence of decentralized finance (DeFi) and crypto assets. Meanwhile, the U.S. Securities and Exchange Commission (SEC) is considering the approval of the first spot Ether (ETH) exchange-traded funds (ETFs), which could further fuel demand and drive adoption.

ETH Gains Momentum, Turns Inflationary Again

ETH has seen its strongest price movement in months, with Bitcoin pushing closer to all-time highs (ATHs) and helping lift the crypto market as a whole. Over the past week, however, ETH’s supply has been on the rise, moving at an inflationary rate of 0.424% annually after previously being deflationary in early to mid-October.

Data from Ultrasound.money shows the current annual burn rate for ETH at 452,000, while issuance is more than double, reaching 957,000 ETH, resulting in a net annual supply increase of 0.42%.

Vitalik Introduces “Info Finance”

Meanwhile, Ethereum co-founder Vitalik Buterin has introduced a concept he calls “info finance,” unveiled on November 9.

Buterin describes info finance as “a discipline” that begins with a “fact you want to know” and culminates in a market that “optimally” gathers this information from participants. He advocates for using prediction markets as a means to gain community insights into future events, aiming to capture public expectations without the noise of media bias or sensationalism.

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