Lorenzo Stroe
Independent Analyst
- ETH/USD is currently trading at $240 getting ready for the next leg up towards $250.
- Ethereum ERC-20 tokens now have a higher market capitalization combined than ETH itself.
Ethereum has been outperforming Bitcoin for quite some time and it’s still really close to cracking $250. Ethereum price is at $240.32 after a slight drop below the daily 12-EMA which was defended. The daily higher low was established at $235.57, which means that anything above this level is a continuation of the daily uptrend.
ERC-20 Tokens market cap surpasses Ethereum
With the introduction of the numerous and new DeFi tokens, Ethereum seems to be struggling to keep up with its tokens. Compound (COMP) got up to a $900 million market capitalization in days after getting immediately listed on Coinbase.
Thanks to a chart by Coin Metrics, we can observe that currently, Ethereum’s market cap is at $26.7 billion while ERC-20 tokens are at $29.22 billion, a significant difference. This metric doesn’t necessarily suggest that Ethereum is undervalued but it is something notable as this is the first time it happened
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