Steno Research: The decline of Ethereum may have ended, and the Federal Reserve's interest rate cut will promote on chain activity growth
Market research firm Steno Research stated in a report on Thursday that the recent underperformance of Ethereum (ETH) may have come to an end and is ready to shine again, whether in terms of price growth in fiat currency or relative to Bitcoin (BTC).
The price of Ethereum once rose from $2280 at the beginning of the year to $4090, but in the past six months it has fallen back to between $2100 and $2800, with an increase of about 11% year to date. The price of Bitcoin has risen by 50% this year, reaching a peak of 74% at one point. The ETH/BTC ratio has continued to decline after the Ethereum merger and upgrade in 2022, with a drop of over 50%.
Steno Research's report suggests that Ethereum's performance in the previous bull market can provide some guidance. Ethereum surged during the Altcoin season at the time, and in less than two months, its value more than doubled compared to Bitcoin. The report states that this transformation is triggered by a surge in on chain activities, including decentralized finance (DeFi), stablecoin issuance, and the flourishing development of NFTs, all of which mainly occur on the Ethereum blockchain.
Steno stated that the Federal Reserve's interest rate cut earlier this week will lead to an increase in on chain activity, which will greatly benefit Ethereum. The research institution also believes that the performance of Bitcoin exchange traded funds (ETFs) is unlikely to continue to outperform Ethereum ETFs, and points out that Ethereum has shown the ability to suddenly outperform Bitcoin in the past.
There are three main reasons why Bitcoin has performed better than Ethereum recently. Mads Eberhardt, a senior cryptocurrency analyst at Steno, wrote:
The impact of US spot ETFs on Bitcoin and Ethereum, the continued buying pressure on MicroStrategy, and the significant decline in Ethereum trading revenue in recent months
Eberhardt stated, "Ethereum's active addresses remain strong, especially considering the increasing adoption of Rollups." He added that the network's transaction revenue appears to have bottomed out in August.
Eberhardt wrote on social media: "Lower interest rates ->More on chain activity ->Higher Ethereum trading revenue ->Lower ETH supply growth ->Higher ETH prices
Asset management company Bitwise is also optimistic about the prospects of Ethereum. The company stated in a report on Tuesday that "Ethereum appears to be a potential contrarian investment opportunity before the end of the year
data source
(责任编辑:白银TD)
-
而共享单车在短时间内的疯狂融资,也将短途出行领域瞬间推向高潮。...[详细]
-
大多数家长认为面授的优势更明显,有高端需求的家长会更倾向于选择个性化教学而非购买线上课程。...[详细]
-
创业我们要自信,不要自大,千万不能自嗨——更多地要为你的商户、你的员工、你的投资人,把他们服务好,这样才能有机会,才能最后生存下去。...[详细]
-
Bitcoin price skyrockets to over 100000! Will there be a backlash in the near future?
因为我们要考虑到的不仅是会对我们自己产生影响的经济和理性因素,还有一切发挥作用的社会因素。...[详细]
-
做了三年时间,卖了600多台AR(增强现实)眼镜。...[详细]
-
“我们主要是做产品,北上深更多是做平台,大策略,大战略。...[详细]
-
APIX币是什么币?APIX币怎么买? apix币怎么样 apix币是什么
李丰:生产内容能力这件事情,在一个有护城河有辨识度的前提下,内容生产者的思考能力和文字能力大约各占多少? 左志坚:逻辑能力是最重要的,逻辑能力占95%。...[详细]
-
我相信如果我们用一两年的时间,成为拥有巨大影响力的品牌和有几百万、上千万有深度价值观认同的用户群的话,我们一定可以在这个基础上长出非常可怕的商业模式来。...[详细]
-
GoogleAnalytics可以轻松地嵌入在网页中并告诉你用户与网站的交互情况,而且完全免费。...[详细]
-
10月31日易方达逆向投资混合A净值下跌0.12%,近1个月累计下跌1.84%
(友友用车融资/转型历程表) 2014年的P2P租车行业中已经有不少玩家,PP租车、凹凸租车和宝驾租车都是当时发展较快的企业,友友租车也算其中融资较为顺利的一员。...[详细]