The FTX drama has not gone unnoticed in the cryptocurrency market, dragging down most assets, including Ethereum. With another drop below $1500, Ethereum’s market cap has fallen below McDonald’s once again. The world’s most popular fast food chain has always held a special place in the cryptocurrency trading and investing community. After every bull market has ended, most cryptocurrency traders and influencers are faced with an unstoppable barrage of jokes about getting ready to work at McDonald’s.
The joke stemmed from the fact that the entry requirements for the fast food company are shallow, and a job at the company is open to anyone who wants one. The company joined the trend, providing employment opportunities to prominent crypto influencers during the digital asset market crisis. However, another battle between McDonald’s and the cryptocurrency industry is the struggle for capitalization. Both Ethereum and McDonald’s have matching slots on the market. The world’s largest fast food company is worth around $200 billion, while Ethereum reports $197 billion after its recent 8% drop.
Given the nature of both companies, Ether McDonald’s could reverse at any time, while the company’s capitalization is likely to remain roughly the same due to lower stock market volatility.
From a financial or market point of view, Ethereum’s capitalization is irrelevant and has almost no impact on the world’s second-largest cryptocurrency. As we have mentioned on numerous occasions in our market reports, the main reason behind the poor performance of the digital asset market is the tight monetary policy of the United States, which discourages investors from risky assets such as cryptocurrencies.