Coinmarketcap averages the going rate on every exchange it considers valid. Thus, right now, the spread on ETH is everywhere from $12,888 (ARC/ETH on Livecoin, whatever that is) to $39.36 (WINGS/ETH, also on Livecoin, at a volume of $8). Crypto is not an efficient market and there are probably thunderously amazing arbitrage opportunities at the moment. So while Coinmarketcap can assert that ETH hit $221, It hit that mostly in Korean Won, which may or may not have more than a little to do with fluidity across the Korean border and the current plunge the Won is making against the dollar. Fortunately none of these markets are regulated, the parties on both sides are anonymous and the whole ecology is vulnerable to software exploits, social engineering and good, old-fashioned securities fraud.

Given the chance, investors will rationally jump at the opportunity to be the second greatest fool, and to promote long-shot schemes over modest and humble endeavors.

The South Sea Bubble blew up no less than Isaac Newton and I reckon he's smarter than me. I view the whole spectacle with an unhealthy amount of distrust.