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:金店)
-
” 这也推翻了“VC缺钱”的说法。...[详细]
-
Raoul Pal预测比特币7月将突破14万美元,关键指标显示强劲看涨信号
托比研究进一步认为,B2B平台的发展在过去一年内虽获投数量上较2015年度有所下降,但无论从获投金额还是行业覆盖上,都出现了稳中有升的局面。...[详细]
-
“事情即将变得愚蠢”:分析师称比特币即将迎来自诞生以来最激进的扩张
2015他决定离开真格基金,以首席投资官加入一家他投资的移动电竞公司,又没过多久,坐上了总裁之位。...[详细]
-
为什么说做B2B苦逼2B?因为我们听到的多数融资的故事,资本的故事,通常都是2C、是面向消费者的狂欢,但B2B却是在幕后的,它不是每个消费者都每天接触到,也不是天天在街上能够看到,更不用说做B2B本身...[详细]
-
餐饮需要专业团队操盘 众筹发起人并非餐饮人,吸引的股东们也非餐饮人,他们认为餐饮门槛低,容易做,但由一群非专业人做餐饮,成功几率事实证明不高。...[详细]
-
今天在我看来,所谓的“把握时机”是指当时机出现时,创业团队自身的各项能力可以覆盖这个“时机”的方方面面。...[详细]
-
Ordinals 生態互咬!兩大佬嗆「節點猴」創辦人 Rocktoshi 滾出生態系統
3、如何设置广告系列结构 这里介绍一种稍微复杂的方法,这种方法有可能会遇到关键词的限制,下面我们一起来看看。...[详细]
-
但事实上,唐马儒扮演者李迪并不是《暴走》公司的签约艺人。...[详细]
-
BTC跌破103000美元,24小时跌幅达0.85%需注意风险
舒淇与林允生日 1976年4月16日,台湾省女演员舒淇出生。...[详细]
-
Farcaster生态新动态:品牌重塑、空投计划与多链集成引领社交网络新浪潮
随后,互动百科发布声明:诚恳道歉,立刻整改。...[详细]