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:宏观研究)
- ·“新前沿”:DeLorean 与 Patrick Stewart 联手推出链上汽车市场
- ·fil还能涨起来吗-评估Filecoin的增长潜力
- ·减半行情什么意思
- ·10月31日银华优质增长混合净值下跌0.32%,近1个月累计下跌3.62%
- ·哈萨克斯坦将通过持牌交易所实现加密货币交易合法化
- ·qt钱包教程视频-
- ·本周值得关注的 10 大事件和空投策略解析
- ·美国纽约数字交易平台
- ·大雨比作什么可以做什么
- ·比特币最早行情
- ·投资矿机什么意思 现在市面上投资矿机是什么意思
- ·10月31日金信多策略精选混合A净值增长0.09%,近3个月累计上涨34.48%
- ·CTH 集团、Axlflops 和 MetaEra 共同公布 Palo Alto AI X Web3 峰会的首发嘉宾阵容
- ·成都九月初穿什么衣服
- ·俄罗斯比特币挖矿行业增长率位列全球第一
- ·2013比特币行情
- · okx官方
- · okx网页版
- · 十大虚拟货币交易平台app
- · 虚拟货币交易平台排名
- · 亿欧交易所下载
- · 虚拟货币交易
- · 0kx交易所官网
- · 易欧app官网下载
- · 全球三大虚拟货币交易平台
- ·欧易交易所下载
- ·Solana Memecoin 交易量在 5 月份跃升 10 亿美元,成为市场主导
- ·meme币下载官方app下载 meme币苹果安装包
- ·虚拟币交易平台app排行 排名前十的虚拟货币交易app
- ·中际联合接待73家机构调研,包括博时基金、嘉实基金、浙商基金等
- ·[币赢交易所排名第几]币交易所排名前10名
- ·ST加加:股票交易异常波动,公司实际控制人所持股份拟被司法拍卖
- ·虚拟货币套利平台-虚拟币 套利
- ·10月31日鹏华弘裕一年持有期混合C净值增长0.19%,近6个月累计上涨3.15%
- ·比特币投资:长期持有还是逢高出货?
- ·10月31日中海混改红利混合A净值增长0.35%,近3个月累计上涨9.4%