(disclosure: I also am long on cryptocurrency and ethereum)

All the cryptocurrencies are greatly overvalued due to speculation. The main reasons the ethereum market cap is still lower is (1) everyone's still struggling to find good "actual use cases" for this tech, so ethereum is simply the largest dwarf in that regard (2) bitcoin has some use for "parking money" that is slightly better than ethereum because of lower historic volatility. By it's nature, using currency as a "store of value" in this way leads to more scarcity and hence higher prices.