The stock market looks at intrinsic value, but cash and risk asset discounts differ. Bitcoin has historically only seen slight discounts, but will ETH experience a significant discount? It depends on two factors: 1. Whether the volume of continuous buying can hold up 2. Whether the consensus brought by the price increase can remain solid No coin can rely solely on whales to pump it, whether it's MEME or other coins. Back in the day, BCH's pump was much stronger than ETH today, directly pushing it to half of BTC's market cap.