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<\/p>\nOne eth is now worth pretty much one ounce of gold for the first time, with ethereum just about at or above gold’s price.<\/p>\n
Eth rose to as much as $1,877, with it trading for some time at $1,820 as the volatile currency oscillates.<\/p>\n
An ounce of gold reached as much as $2,077 in August 2020, but now trades at $1,820.<\/p>\n
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Ethereum is very far from gold’s market cap which is estimated by some to be at around $20 trillion, with eth’s market cap currently at $200 billion.<\/p>\n
It’s overtaking of gold’s price however is interesting because that’s what bitcoin did in 2017 ahead of its major bull run.<\/p>\n
So giving some credence to the theory that ethereum is following bitcoin’s trajectory just one cycle behind.<\/p>\n
The cryptocurrency has seen much adoption especially in decentralized finance where new tokens are created almost daily as well as new markets and dapps.<\/p>\n
Giving rise to a frothy corner that some compare to the ICO boom of 2017, with airdrops and the rest at times doing a better job at crypto stimulus than Trump’s checks or Biden’s up and coming $1.9 trillion.<\/p>\n
The defi space thus has now reached a market cap of $80 billion (wow). That’s 39% of ethereum’s current market cap, something of an all time high or near there.<\/p>\n
You’d expect that bullishness at some point to feed into eth’s break of $2,000 and ratio recovery, but when or indeed if it will, remains to be seen.<\/p>\n