McDonald's, the world's largest fast-food chain, has temporarily surpassed Ethereum (ETH) in market capitalization. This reversal of value between a traditional consumer goods giant and a global smart contract platform carries a symbolic significance beyond a simple ranking change.
Recently, McDonald's stock price has continued to rise in the US stock market, fueled by solid earnings and a preference for defensive stocks. Consequently, McDonald's market capitalization has expanded to around $240 billion. Conversely, Ethereum has experienced a price correction, with its market capitalization falling to a similar level or even below. As a result, McDonald's now outperforms Ethereum in terms of market capitalization.
For companies, market capitalization is calculated by multiplying the number of shares issued by the stock price, while for cryptocurrencies, it's calculated by multiplying the number of shares in circulation by the price. While the calculation method is simple, the underlying meaning is quite different. McDonald's is valued based on real economic indicators such as sales, operating profit, dividends, and cash flow. Ethereum's price is determined by a complex mix of factors, including network usability, DeFi and stablecoin payment infrastructure, Layer 2 scalability, and market sentiment.
This reversal coincides with the recent "risk-off" trend. Analysis suggests that investment funds are shifting from highly volatile assets to relatively stable large-cap consumer goods stocks due to interest rate uncertainty, concerns about a global economic slowdown, and cryptocurrency regulatory issues. Indeed, the cryptocurrency market has experienced both price corrections and slowing trading volumes in recent months, leading to increased volatility.
However, it's difficult to conclude that this represents a structural weakening of the Ethereum ecosystem. Ethereum still serves as a core infrastructure in the global digital asset market. Major stablecoin issuance and circulation, decentralized finance services, and tokenization (RWA) projects operate on Ethereum or its extended network. Market capitalization is an indicator whose ranking can change rapidly depending on price fluctuations.
Rather, this case illustrates how the "value comparison framework" between traditional finance and the digital asset market has shifted. While comparisons between the market caps of mega-tech companies like Apple and Microsoft and Bitcoin were previously the focus of discussion, now global restaurant companies and smart contract platforms are being discussed on the same level. This is a significant symbolic move, as digital assets are now being compared on par with institutional asset classes.
Meanwhile, the market is discussing network fee revenue, Layer 2 growth rates, and institutional capital inflow as key variables in determining Ethereum's future direction. At the same time, the stock prices of traditional companies could also be re-evaluated due to the potential for an economic slowdown and a decline in consumption.
The market cap reversal between the Big Mac and blockchain isn't a simple numbers game. It's a barometer of where global capital is placing its hopes for both stability and growth. And that choice can change at any time.
