Ethereum: Why ‘we still haven’t seen anything yet’

ethereum cryptocurrency coins black screen background scaled

Ethereum, the second-largest cryptocurrency, has been actively forging a new path as it loses correlation from Bitcoin. This has resulted in the value of Ether limiting the intensity of dumps witnessed in the Bitcoin market and recover faster. With the third-quarter kick-starting, analysts believed Ethereum was among the top 5 picks for alt traders and HODL-ers to watch out for.

Ethereum’s unrealized potential

According to the market analysis from Coin Bureau, Ethereum had a “much higher chance to achieve upside potential” in the coming months. Ethereum team has been working relentlessly in transforming its existing proof-of-work [PoW] system into proof-of-stake [PoS]. Thus, the changes taking place in the Ethereum ecosystem were pushing its potential as a future crypto higher.

The Coin Bureau Guy, as popularly referred to by the crypto industry, noted the deployment of the Ethereum Improvement Protocol [EIP] 1559 to be a major factor in this. It could turn Ether into a deflationary asset with enough activity since a portion of every transaction fee is burnt. Going by the clear demand and supply logic, this could result in pushing the value of ETH up north.

“ETH is literally on fire. The transition to proof of stake will make this even more dramatic, and it’s important to realize that EIP-1559 isn’t even supported by MetaMask yet, much less all of the major DApps [decentralized applications]. As much as this has been an amazing supply shock so far, we still haven’t seen anything yet…”

Similarly, institutional investment in Ethereum was rising along with market shares for the asset for this group of investors. The digital asset is primed for an institutional-powered rally in 2020 and could challenge the actual market cap of Bitcoin soon.

Meanwhile, demand for an Ethereum exchange-traded fund [ETF] has remained but what’s interesting is that the United States Securities and Exchange Commission has not yet rejected it but kept it pending. While the SEC has rejected multiple BTC ETF proposals, the ETH ETF review seemed a positive change.

Based on its current network development and fundamental activities, ETH could remain northbound.

Ronnie Huss

Ronnie Huss

Leave a Reply

Your email address will not be published. Required fields are marked *

Share:

Share on telegram
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

Related Posts

bitcoin
Bitcoin (BTC) $ 51,597.82
ethereum
Ethereum (ETH) $ 3,112.16
tether
Tether (USDT) $ 0.999848
bnb
BNB (BNB) $ 387.69
solana
Solana (SOL) $ 103.81
staked-ether
Lido Staked Ether (STETH) $ 3,109.56
xrp
XRP (XRP) $ 0.540572
usd-coin
USDC (USDC) $ 0.998833
cardano
Cardano (ADA) $ 0.587733
avalanche-2
Avalanche (AVAX) $ 37.31
dogecoin
Dogecoin (DOGE) $ 0.085702
tron
TRON (TRX) $ 0.137372
chainlink
Chainlink (LINK) $ 18.75
polkadot
Polkadot (DOT) $ 7.84
matic-network
Polygon (MATIC) $ 0.989043
uniswap
Uniswap (UNI) $ 10.96
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 51,663.84
the-open-network
Toncoin (TON) $ 2.08
internet-computer
Internet Computer (ICP) $ 12.47
shiba-inu
Shiba Inu (SHIB) $ 0.000010
bitcoin-cash
Bitcoin Cash (BCH) $ 266.77
litecoin
Litecoin (LTC) $ 70.20
dai
Dai (DAI) $ 1.000000
immutable-x
Immutable (IMX) $ 3.26
filecoin
Filecoin (FIL) $ 8.20
cosmos
Cosmos Hub (ATOM) $ 10.37
leo-token
LEO Token (LEO) $ 4.24
ethereum-classic
Ethereum Classic (ETC) $ 27.24
kaspa
Kaspa (KAS) $ 0.169999
near
NEAR Protocol (NEAR) $ 3.68
blockstack
Stacks (STX) $ 2.55
optimism
Optimism (OP) $ 3.82
hedera-hashgraph
Hedera (HBAR) $ 0.108067
bittensor
Bittensor (TAO) $ 566.36
aptos
Aptos (APT) $ 9.57
vechain
VeChain (VET) $ 0.046022
stellar
Stellar (XLM) $ 0.115936
first-digital-usd
First Digital USD (FDUSD) $ 0.999091
injective-protocol
Injective (INJ) $ 35.61
lido-dao
Lido DAO (LDO) $ 3.38
okb
OKB (OKB) $ 50.23
mantle
Mantle (MNT) $ 0.917013
the-graph
The Graph (GRT) $ 0.305183
celestia
Celestia (TIA) $ 16.93
render-token
Render (RNDR) $ 7.23
crypto-com-chain
Cronos (CRO) $ 0.094362
arbitrum
Arbitrum (ARB) $ 1.90
monero
Monero (XMR) $ 129.29
sei-network
Sei (SEI) $ 0.812657
sui
Sui (SUI) $ 1.64