Ryan Sean Adams, one of Ethereum’s staunchest defenders, jokingly opined that the value of Ethereum falling below the price of McDonald’s would serve as the “last bottom signal.”
According to CoinGecko data, the leading cryptocurrency is valued at $187 billion. This puts it above several major global corporations in terms of market capitalization.
Ethereum remains above some global giants
Ethereum’s current market value surpasses several globally recognized corporations. Thermo Fisher Scientific, a leader in scientific research services, is right behind Ethereum with a valuation of $186.35 billion.
PetroChina, a major Chinese oil and gas company, is worth $185.28 billion. Linde, a key player in the industrial gases sector, is valued at $184.38 billion. Pfizer, the pharmaceutical titan, is worth $181.29 billion. The telecommunications giant China Mobile amounts to $181.15 billion.
Finally, fast food giant McDonald’s, which Adams refers to whimsically, has a valuation of $180.95 billion.
Will Ethereum fall below McDonald’s?
Ethereum has been losing market share in recent months due to a confluence of bearish factors. Following the Shanghai update in April, JPMorgan Chase reported a 12% drop in daily transactions on the Ethereum network, raising concerns about its waning activity. The total value locked on the Ethereum network has also seen an 8% drop. Adding to Ethereum’s woes, the debut of multiple Ether futures ETFs in the US attracted lackluster attention, with trading volumes rated “surprisingly low.”
However, some analysts remain very optimistic in the long term. Banking giant Standard Chartered recently projected a bright future for Ethereum, suggesting that the cryptocurrency’s native token, Ether, could touch the $8,000 mark in the next two years.
