The latest findings by Santiment, published in Cointelegraph Consulting’s biweekly newsletter, suggest that Ethereum is temporarily being ‘professionalized’.
Since the September 2nd market crash, the combined market capitalization of all ERC-20 assets has overtaken Ethereum’s own market cap, with the differential between the two continuing to grow in favor of ERC-20 assets. This market cap ‘flippening’ points to the fact that the price of Ethereum has corrected more strongly than the ERC-20 ecosystem and has struggled to bounce back in the immediate aftermath.
Perhaps unsurprisingly, it was the DeFi-related coins in particular that managed to bounce back much quicker than ETH; according to Santiment’s DeFi watchlist, the collective market cap of DeFi-related assets has grown by +15.6% in the past week alone. In comparison, Ethereum’s own market cap has grown by +7.7% in the same period.