In 2021, during the bull market, ETH once surged to a high of $4868. At that time, everyone was crazily mining and buying graphics cards; the entire market was ecstatic. Why was ETH so popular back then? There were mainly two reasons:

The enthusiasm for mining among the public

At that time, the returns from mining were very high; just buying a graphics card and mining for half a year could cover costs or even yield profits. Almost everyone had a graphics card at home 'quietly making money', and this trend pushed ETH to its historical peak.

The frenzy of graphics card speculation

Scalpers both domestically and internationally were frantically buying graphics cards, coupled with NVIDIA's deliberate 'drip-feed' supply strategy, and AMD's relatively weaker influence in the market, the situation of supply not meeting demand caused mining enthusiasm to soar. This supply tightness further boosted ETH's market popularity.

However, in this bull market, ETH has shown signs of weakness.