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:现货金)
-
值得推荐的好炒币软件app_盘点币圈玩家用最多的炒币软件app排名前十
“这时候我才意识到,原来他压根就没有想真的采访我。...[详细]
-
dappOS 将于9月17日、19日在新加坡举办「 Rooftop Pool Night」和「MEME Yacht Party」活动
他们希望他们的管理者能够不断的给予他们认可和情感上的安慰。...[详细]
-
其次,通过分析这些数据为优化站内广告位创意、展现位置提供数据支撑。...[详细]
-
今天算的这一笔账只是服务费用,并不包含企业为IPO整改所付出的费用。...[详细]
-
第一,创业早期,创业者不应该过多关注如何融资。...[详细]
-
document.writeln('关注创业、电商、站长,扫描A5创业网微信二维码,定期抽大奖。...[详细]
-
如果说2016年是由网易的《阴阳师》染红了二次元游戏的半边天,那么在2017年之春,米哈游的一纸IPO申请则是把整个行业给彻底点燃。...[详细]
-
Ryan Selkis:离开 Messari,我开始了新事业 Solomon
但三个月后,西陇科学调整方案,将部分收购变为100%收购,评估机构预估价依然为6.80亿元,对应17.97元/股的收购价格。...[详细]
-
所以MVP极其重要,MVP的意思是最小可行产品,是一个最小化的产品,用来验证你的想法。...[详细]
-
Enegra (EGX)怎么买?Enegra (EGX)在哪里买卖交易?
如此下来,我固定开支每月要33-35万。...[详细]