Ethereum (ETH) and its Tokens are Among the Most Valuable Crypto Projects
Statisticssuggestthat almost 55 percent of the $1.1 trillion crypto market valuation is dominated by Ethereum, Ethereum-rooted, and ERC-20 tokens. As of writing on Jan 18, the ETH price is trading at around $1.2k, less than $200 from its all-time highs leading to a $137 billion market cap, less than a quarter of Bitcoin's. However, the inclusion of ERC-20 tokens—most of which are in DeFi, and valuation of projects created by former Ethereum co-founders likeCardanoand Polkadot, propels their dominance to over 50 percent.
Ethereum aims to be a world computer. It is a significant improvement of Bitcoin that proved a concept, enabling smart contracting. Due to smart contracting and Gas fees dominated in ETH, a virtuous cycle is created from a vibrant ecosystem where real products running on a censorship-resistant network are built. Cumulatively, most of the leading DeFi tokens like Maker and Aave, combined with those built by former Ethereum co-founders like Charles Hoskinson and Gavin Wood—who was behind Solidity, command a huge market share highlighting the power of smart contracting and a network effect that's now spread, touching most facets of crypto.
Impact on the ETH Price:
Bullish. Ethereum is benefiting from network effects buoyed by first-mover advantage. Traders are optimistic. Further price expansions above $1.4k could significantly lift the tide, narrowing the gap with BTC, a net positive for the ecosystem.
More market news over on ourBlog
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.