Chart of the Day
To Infin(ETH)y and Beyond. The price of ETH rose above the $4k level and has been venturing deep into the $4.5k territory with unstoppable momentum. According to AssetDash, the total market cap of Ether is now north of $500 billion, surpassing that of Visa and JPMorgan. Its market cap relative to the Bitcoin market is now at its highest level since the summer of 2018. With altcoins and DeFi flourishing, it is not surprising that the current ETH/BTC market cap is still well below the 2017 peak, but a telling bullish sign nonetheless.
Talk of the Town
Retro Punk Revalued. Who would have thought that pixelated portraits could make their way to the world’s most renowned auction house? Just this Tuesday, the lot of nine CryptoPunks NFTs has been sold for a little under $17 million, marking another significant moment in the NFT art scene. The collection is part of the earliest NFT projects — CryptoPunks, the OG NFTs — whose collective value is just shy of $2 billion, according to a university research report. The report also predicts that the market for NFTs will generate trillions of dollars in value by 2030, rendering the accidental crossover with the traditional art world a historical milestone.