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Ethereum Beats Out Walmart, Mastercard To Be 25th Largest Asset In The World

Ethereum has been up with the recovery in the market, growing as fast as bitcoin in the space. This has seen the market cap of the cryptocurrency rise rapidly. While it had lost its footing in the list of top assets by market cap in the world following the price crash, it has since gained back enough of its previous value to put the digital asset above some of the largest companies on the list.

Ethereum Is Bigger Than Walmart

With a recovery above $3,200, Ethereum has once again solidified its place as one of the most valuable assets in the financial sector. Although it is only half a decade old, it continues to compete with companies that have been in operation for decades, boasting a higher market cap than others despite their widespread use around the world.

Related Reading | Stablecoins Total Market Cap Breaches $179 Billion Mark – Can It Go Higher?

After losing about $100 billion of its market cap following the crash that saw its fallen crumble from above $4,000 to below $3,000, it has begun to claw its way back up. At its current price, atheneum’s market cap is back up at $382.34 billion. It’s a long way from its all-time high but a significant value nonetheless, one that puts it ahead of giants like Walmart and Mastercard.

The digital asset is now sitting at 25th place on the list of the most valuable assets in the world. While this number may seem a bit low, a look through the list helps put in perspective just how large the cryptocurrency has gotten.

ETH settles above $3,200 | Source: ETHUSD on TradingView.com

Ethereum sits ahead of world-class names and brands on the list. Most of these are households names and are leaders in their various industries. Besides Walmart and Mastercard, the digital asset boasts a larger market cap than the likes of Home Depot, Alibaba, Disney, Coca-Cola, Pepsico, among others.

Where Does Bitcoin Sit?

Bitcoin is the most valuable cryptocurrency in the crypto space. Its market cap is twice as large as that of ethereum, which holds the spot for the second-largest. With a market cap of $839.60 billion, bitcoin sits considerably higher on the list compared to the number 2 cryptocurrency.

Related Reading | Three Arrows Buys Your ETH, Addresses Swell After Hinting Bearish Stand

Presently, bitcoin’s market cap places it at 9th place on the list of most valuable assets in the world. It comes out ahead of social media giant Meta (formerly Facebook), payments giant Visa, legendary investment firm Berkshire Hathaway, among a slew of others.

It is truly remarkable what assets in the crypto space have been able to achieve despite the industry being a little over a decade old. The more the space grows, the higher they will move up on the list.

Featured image from Currency.com, chart from TradingView.com

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Litecoin Surges 30% In One Hour Following News Of Walmart Partnership

Litecoin has recorded massive price movement in the past hour. The coin started to rally after Reuters had reported that retail giant Walmart would begin accepting the cryptocurrency as payment for purchases. The news broke on Monday with a press release that stated Walmart had partnered with Litecoin to allows customers to make payments with LTC.

The news triggered a price surge that saw the price of Litecoin grow 30% in a single hour, breaking a three-month high of $237. Before the news broke, Litecoin has been trading in the mid-$170s at $175. News of the Walmart partnership over $60 in one hour to put it this current high. With a customer base that Walmart possesses, it is no surprise that the news triggered such a reaction from the market.

Related Reading | U.K. Post Office Now Allows Users Purchase Bitcoin Through Its App

Fake Press Release?

The press release from Reuters has been shared widely as the news broke throughout the industry. Major crypto media outlets had reported on the news, with the official Twitter account of Litecoin also tweeting a link to the move. The press release from Reuters had featured a quote, seemingly from Walmart’s CEO Doug McMillon, which read; “Starting October 1st, all eCommerce stores will have implemented a ‘Pay with Litecoin Option’.

Related Reading | Led By Litecoin, Mid-Cap Altcoins Bleed With Bitcoin

In a move that has so far triggered a cascade of deleted tweets and stories, the news of the Litecoin-Walmart partnership has now been debunked. Apparently, the legit-looking press release from Reuters had been a fake press release. The sources which reported on this news have since backtracked. Litecoin’s official Twitter handle deleted the link to the news report.

Community members have now moved forward to call this a cheap pump and dump scheme. The coin has dumped with confirmations of the Walmart partnership being fake, with the price returning back to previous levels before the 30% price surge.

Litecoin Price Movements

Litecoin has so far lost all of its gained value from the pump caused by the Walmart news. As of the time of writing, the coin had lost over $60 in a downwards correction, landing back in the mid-$170s that it was trading at before the news broke. The charts show a sharp upward and downward movement in the space of one hour.

LTC price pumps and dumps with Walmart news | Source: LTCUSD on TradingView.com

For a brief moment, the digital asset looked ready to test the $140 resistance point which it had not been able to break since peaking in May. The hour following the 30% price surge has seen Litecoin struggling to hold on to some of the momenta it had gained with the move. Currently trading at around $180, the digital asset is none the worse for wear following the debacle.

Regardless of whether the news is fake or not, the asset has benefitted from the increased interest in it. Social media platforms like Twitter and Reddit are abuzz with the [fake] news of the integration with Walmart. The current publicity will no doubt have some positive effect on the price of the asset.

Featured image from CMC Markets, chart from TradingView.com