Even amidst significant liquidations, Ethereum has managed to surpass McDonald’s Corporation (NYSE: MCD) in market valuation.
Ethereum’s price has been on a steady decline, however, it remains valued higher than McDonald’s. The cryptocurrency’s value fell from a high of $1751 to $1606 within a day.
Due to the volatile nature of the Ether market, several derivative positions have been liquidated. Data from Coinglass shows that over $11 million worth of ETH positions were wiped out in the past 24 hours, with 80% being long trades.
Despite slipping six positions to the 58th rank on the macro market cap rankings, Ethereum’s market cap remains $12.1 billion higher than that of McDonald’s. The two have been in stiff competition over the past year, flipping each other in valuation multiple times.
Observers note that Ethereum could use this opportunity to solidify its position above McDonald’s. From a technical perspective, McDonald’s has formed a bearish ‘death cross’ on its daily chart, indicating a potential long-term downtrend. McDonald’s stock price closed at $252.23 a day ago, a level last seen in October 2022.
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