What's up, my crypto people! 🚀 It turns out that Ethereum (ETH), that crypto which is the second largest after Bitcoin, is going through a super weird thing. On one hand, its ecosystem is growing like foam, crazy advances! But on the other hand, its price isn't reacting! What do you think? 🤷♀️
The price of ETH is about 43% below its all-time high in 2021, which was around $4,890. Can you imagine? And this clashes hard with all the good things happening. For example, big institutions are pouring in money like it's the last ticket to paradise, using it as a store of value and for staking (which is like putting your cryptos to earn profits, a wonder!).
And what else? Well, the Ethereum team keeps working hard. They just launched an update called Pectra (what a cool name!), which is like a vitamin to make the network faster and easier to use. Thanks to this, Ethereum now dominates more than 56% of the decentralized finance (DeFi) market. That's a hit! And if you thought the 'Ethereum killers' (other cryptos that wanted to dethrone it, like Solana or Cardano) had succeeded, well, you were wrong! Ethereum is still the king of the jungle with a bulletproof developer community and rock-solid protocols. ⛰️
Moreover, there's a tremendous regulatory news. Ether ETFs (which are like investment funds that you can buy on the stock market) could start including staking, which would give it a huge boost. An ETF for Solana with staking even came out on July 2! This could be a sign that things are changing and that the Securities and Exchange Commission (SEC) is loosening up. 🗽
And if that weren't enough, there's a law called the GENIUS law, yes, GENIUS! This law could make the stablecoin market (those cryptos that are worth the same as a traditional currency, like the dollar) grow up to 15 times more by 2030. And guess what, Ethereum is the main home of almost half of all stablecoins. That means Vitalik Buterin's network is going to get tastier than grandma's stew! 🍲
So, with so much good stuff happening, why isn't the price of ETH taking off? That's where the 'conspiracy' theory comes in. Some analysts like Arnau Pintó say there's manipulation in the market. Just as you hear it! He believes there are market makers (the ones providing liquidity to keep everything flowing) who are applying pressure to keep the price from rising. For what purpose? It's unknown, but it's a possibility. The red bars on the charts, which show more 'short' positions (betting that the price will go down) since 2022, seem to give him some reason. 📉
But watch out, Pintó himself says this won't last forever. Of course not! At some point, market makers are going to release that pressure and the price of ETH will take off like a rocket. So, even though the market is a bit crazy right now and doesn't reflect Ethereum's potential, it seems like it's just a matter of time before this crypto puts its price where it should be. Stay alert, folks, this is getting interesting! 👀$ETH $SOL $BTC