There probably is no answer to that question.
In my opinion, the market cap should be equal to their assets. But its hard to guess the accurate price of a token because its based on what a person is willing to pay. This changes over time and fluctuates way too much. However I think ETH paved out a paved out a possible path for crypto but its not sustainable with the current protocol. The entire problem with gas fees and the change of protocol makes me not want anything to do with ETH. Therefore in my head, ETH has a marketcap of $20B. I can't think of it being more given the problems in the entire chain.
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Totally agree: the "value" is what someone is willing to pay for something. I'm just trying to figure out how you go about placing a value on any of these. The network is really the most valuable component but how do you monetize that? Maybe if you base it off number of wallets holding it? I don't know.
Like I said, there's no question it's worth something. I'm just trying to decide how one determines if it's current value is too high or too low.
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