[ashwagary]

>Not as far off as I would've though to be honest.

Market cap is a mostly useless vanity metric in the crypto world, I don't recommend relying on it for forecasts.

>is it really "growing" or just basically pegged against BTC?

The massive BTC/ETH liquidity pairing pegs them to each other where price is concerned.

This cycle, a large percentage of Bitcoin's steam was cannibalized by custodial entities like FTX and Celsius stealing money from Bitcoin onboards and redirecting it to yield farms and leveraged trading on the ETH chain.

I would be careful about extrapolating too much from data produced during a sabotaged BTC cycle.