He then went on to say:<\/p>\n
\u201cETH at $100k is an ~$11T market cap, which is 5.5x Apple. Yet, Apple\u2019s revenue is already more than $1b per day. How can ethereum be worth 5.5x Apple if ethereum makes less revenue than Apple? It\u2019s because ethereum\u2019s profit margin is 99%+ due to proof of stake being almost free.<\/em>\u201c<\/p>\n On March 1, Berckmans made the interesting observation that \u201cEthereum\u2019s fees are worth ETH at $2850.\u201d He then said that the reason for Ethereum price currently being below the value of the cash it generates is that \u201cEthereum\u2019s fees go entirely to miners, who are on track to be paid 8% of all ETH this year.\u201d<\/p>\n He then added that EIP-1559 and Proof-of-Stake (PoS) will \u201cfix this\u201d:<\/p>\n Of course, as one Twitter user (@iamDCinvestor) correctly pointed out, it is possible that \u201cL2s increase tx density by more than 50x and they pay 50x vs today on L1 for security.\u201d<\/p>\n According to data by TradingView, around 00:10 UTC on Saturday (March 27), on crypto exchange Bitstamp, the Ethereum price reached $1,1719.30, which is currently its intraday high.<\/p>\n At the time of writing (i.e. as of 19:22 UTC on March 27), per\u00a0data by CryptoCompare, $ETH is trading around $1,706.76, which means that in the past 24-hour period the Ethereum price has gone up 2.45%; in the year-to-date (YTD) period, ETH-USD is up 131.53%.<\/p>\n\n
![](\"https:\/\/cryptoglobe.s3.eu-west-2.amazonaws.com\/2021\/03\/TV-Chart-ETHUSD-on-Bitstamp-Five-Day-27-Mar-2021-1-1-1280x686.png\")
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