A sort of milestone was reached today.
The total value of all cryptos surpassed the value of the US banking system.
Why is this measure relevant? It is an admittedly imperfect attempt to measure the size of the current CeFi system versus the coming DeFi system.
(1/4)
The total value of all cryptos surpassed the value of the US banking system.
Why is this measure relevant? It is an admittedly imperfect attempt to measure the size of the current CeFi system versus the coming DeFi system.
(1/4)
So sticking with this idea, what's next?
Another double and cryptos becomes larger than US Financial Companies (Banks + brokers, insurance, exch, fin cos, asset managers, etc.)
4x rise and Cryptos surpass the value of all global financial companies.
(2/4)
Another double and cryptos becomes larger than US Financial Companies (Banks + brokers, insurance, exch, fin cos, asset managers, etc.)
4x rise and Cryptos surpass the value of all global financial companies.
(2/4)
What has driven cryptos to surpass the value of banks? It has been an altcoin rally this year, and especially the last few weeks (bottom panel)
As this chart shows, altcoins are near a two year high as a percent of the total universe.
(3/4)
As this chart shows, altcoins are near a two year high as a percent of the total universe.
(3/4)
The same chart as 3/4 but back to the beginning of data.
Altcoins reached 70% of the universe in 2018 (mainly ETH). Then the bubble popped.
This measure suggests altcoins are not overdone relative to bitcoin. Or ETH/DeFi has room to go.
(4/4)
Altcoins reached 70% of the universe in 2018 (mainly ETH). Then the bubble popped.
This measure suggests altcoins are not overdone relative to bitcoin. Or ETH/DeFi has room to go.
(4/4)
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