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A simple framework for considering the potential valuation of ETH (and BTC) in this cycle:
Cryptocurrency Market Cap 10 trillion dollars;
BTC peaked at 40% (compared to 43% in the previous cycle);
ETH peaks at 45% of BTC market capitalization (compared to 50% in the previous cycle);
Market Cap of ETH at peak = 1.8 trillion USD
The ETH price at the peak of the cycle is $14,984 (3.9 times).