Ethereum Rally Pushes Market Value Above $380 Billion, Overtaking J&J

Ethereum, the second-largest cryptocurrency by market cap, now ranks as the 26th largest asset worldwide, surpassing healthcare giant Johnson & Johnson’s $373 billion valuation. The Ether-to-Bitcoin ratio also increased nearly 6% to 0.02670, marking its strongest performance against Bitcoin since mid-May.

Ethereum network usage rose in Q2 2025. Total value locked in Ethereum-based DeFi protocols jumped 33%, while the volume of staked ETH rose 4% over the same period.

One of the drivers behind Ether's surge appears to be anticipation around the U.S. GENIUS Act, which the Senate passed in June with bipartisan support. The legislation will ban stablecoin issuers from offering interest-like returns. Markus Thielen, founder of 10x Research, said the law “would potentially reinforce Ethereum's importance within the digital asset ecosystem.”

The GENIUS Act could also impact protocols like Ethena. Its USDe synthetic dollar system represents around 4% of Ethereum's $26 billion open interest. Ethena's model generated nearly $300 million in total revenue over the past year, including $15 million in a single month.

On prediction platform Polymarket, the odds of Ether topping $3,300 in July stood at 75%. Some long-term forecasts project Ether reaching $10,000 by the end of this cycle and up to $15,000 in a bullish scenario.

Ethereum launched in 2015 as the first programmable blockchain and has become central to decentralized finance and smart contract applications. Johnson & Johnson, founded in 1886 and headquartered in New Jersey, operates as a healthcare and consumer goods company with a market cap of around $370–380 billion.