Ryan Sean Adams, one of the most vocal advocates for Ethereum, playfully opined that Ethereum's value dropping below the price of McDonald's would serve as the "ultimate 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 bests several globally recognized corporations. Thermo Fisher Scientific, a leader in scientific research services, trails just behind Ethereum with a valuation of $186.35 billion.
PetroChina, a major Chinese oil and gas company, stands at $185.28 billion. Linde, a key player in the industrial gases sector, is valued at $184.38 billion. Pfizer, the pharmaceutical titan, holds a value of $181.29 billion. Telecommunications behemoth China Mobile comes in at $181.15 billion.
Finally, the fast-food giant McDonald's, whimsically referenced by Adams, sits at a valuation of $180.95 billion.
Will Ethereum drop below McDonald's?
Ethereum has been losing its market share over the past few months due to a confluence of bearish factors. Following the Shanghai upgrade in April, JPMorgan Chase reported a 12% drop in daily transactions on the Ethereum network, sparking concerns over its dwindling activity. The total value locked on the Ethereum network has also seen an 8% dip. Adding to Ethereum's woes, the debut of multiple Ether futures ETFs in the U.S. garnered lackluster attention, with trading volumes termed as "shockingly low."
However, some analysts remain uber-bullish 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 within the next two years.
Denys Serhiichuk
Tomiwabold Olajide
