Ethereum vs. McDonald’s: Who’s the Biggest on the Block?

The drama surrounding the FTX exchange and the ongoing mid-term elections in the US have plunged cryptocurrency prices. Most of the market is trading in the red zone today, and Ethereum has been down by around 7% in the last 24 hours. Amid this decline, the market cap of Ether has gone below that of McDonald’s.

Ethereum market cap drops below McDonald’s

The most popular fast food chain in the United States, McDonald’s, has interesting ties with the cryptocurrency market. The fast-food chain is usually at the center of memes whenever the cryptocurrency market declines.

Whenever the crypto bull market ends, cryptocurrency investors rush to make jokes about how they are willing to start working on McDonald’s to remain afloat as their crypto portfolios record losses.

The joke about crypto traders working at McDonald’s during the bear market stems from the fact that securing a job at the fast-food joint is quite easy. Jobs at the company are usually available to those that want them.

McDonald’s has occasionally joined in on the joke with job offers to leading cryptocurrency influencers. Besides the joke about jobs, the market capitalization of the fast-food giant and Ethereum has also been an interesting case.

The market cap of the fast-food company and Ethereum are usually competing. McDonald’s is estimated to have a total market capitalization of around $200 billion. On the other hand, Ethereum’s market cap currently stands at $177 million after the recent decline, with McDonald’s flipping it.

Despite its unique relationship with the cryptocurrency space, McDonald’s operates in a different market from the web 3.0 & crypto space. The market cap of the fast-food company barely changes because of the low volatile nature of the stock market. On the other hand, Ethereum’s market cap changes periodically because of the volatility of ETH, with the token flipping McDonald’s market cap occasionally.

Moreover, the market capitalization of Ethereum barely affects the price of the second-largest cryptocurrency. One of the main reasons behind the movements across the crypto market is social sentiment and the recent performance of the traditional stock markets.

Crypto prices tank today

Cryptocurrency prices have been dropping today amid growing uncertainty across the broader market following the situation with the FTT token. The FTX-issued token has been trading in the red amid concerns about Alameda’s balance sheet and the news that Binance will liquidate its entire FTT portfolio.

The shock of the collapse of Terra Luna, Celsius and Three Arrows Capital has affected the crypto market. Therefore, the uncertainty surrounding the FTT token is attracting selling pressure, and this could cause cryptocurrency prices to drop further.

Moreover, there is also anxiety about the CPI data that will be released on Thursday. The data will show whether inflation rates in the US are easing, which could determine whether the Federal Reserve will continue with its aggressive interest rate hikes. On the other hand, the results of the US mid-term elections will also determine where crypto legislation in the US will be headed.

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