It makes me think that the top coins aren't determined by their utility but by speculators and bots that wash trade and shit.

I think that is the case. It is based a lot on potential and not really what is happening. That is fine since speculation often turns out to be correct. Then again, it is wrong more often than it is right.

Ethereum does have the first mover advantage, that is for sure. It has leveraged that into a great token value. Will it keep that position especially among the smaller projects in the future. That might not be the case which opens the door for something else.

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