It could be, the more apps we see using it.

The more I think about it though, I believe ethereum has little justification for its market cap. It is surely a huge leap forward in terms of innovation but it's a tool. Apps, coins and platforms built on top of it will have value, but I am yet to be convinced of the intrinsic value of ethereum.

It's price is largely irrelevant, you only need it to run your apps on the platform and if at any point that becomes too expensive the apps would find an alternative platform. It's value will always be a marginal frictional cost.