On Wednesday 7 July 2021, the total market cap of Ethereum surpassed the total market cap of the entire Platinum supply. Why track this? It is just a point on a destination as Ethereum grows in value. The idea of tracking this for Ethereum comes from a concept from the Bitcoin ecosystem, which has long considered Bitcoin the new Gold.
A bit part of the bull case for Bitcoin is its use as a store of value, like Gold. Since it is a store of value and is in many ways better than Gold, logically it can be assumed that it is on the way to being as valuable as Gold, one day anyway.
Similar logical arguments are built for Ethereum. But in the case of Ether, the token is not just a store of value, but is also used in paying for the calculations behind the global distributed computing system that underlies the network. So, it has its own bull case. The use of Ethereum as a store of value may be even more compelling than Bitcoin’s or Gold’s because of this.
Silver and some other metals are also useful stores of value. We track all them and present a list below based on a Google Sheet that pulls in the latest figures for the spot prices for the metals and currencies as well as the supply levels to calculate a total market cap for each. The table below is auto sorted so you can see who is where.