If we use that supply logic to get a peak price, we would expect a price 50% lower (to get the same market cap), which would be in the $4-$5 range. I should look at the amount sitting on Exchanges now vs. then to get another possible price projection compared with our peak back then...
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That's true. One thing to take into account possibly is the fact that the entire crypto market is also larger in terms of people and market cap than it was in 2017 so the two might help balance each other out. The two being increased supply but more people/money.