Why has ETH risen so much? $ETH
Some say it's because Tom Lee called it, and Wall Street and other institutions have come in to make up for past failures on LUNA and FTX.
Others say this round of RWA has far surpassed the previous DeFi summer, bringing in billions in capital. ETH is the infrastructure.
But I believe the reason for ETH's rise is that Bitcoin has reached its peak!
Why do I say Bitcoin has peaked?
1. First, the price of Bitcoin is $$BTC 11.6 million. The fundamental value of Bitcoin has always been its mining cost. This price makes all miners completely bearish. For them, mining costs 60-70k, but selling at 116k is simply too appealing.
2. In terms of market dynamics, various positive factors keep coming, but the price doesn't rise. There is only one reason: the selling power is greater than the buying power. To absorb the $5000 selling pressure from miners each day is one aspect, but it also indicates that there is even greater selling force, just currently no one knows who it is.
Bitcoin currently has limited upward potential; it just needs to stabilize. Like a flag in a war, it needs to stand firm on the battlefield, showing everyone that the flag is still there.
It's time to perform; other coins should hurry. First and foremost is Ethereum. Bitcoin is doing well as a super large application for value storage, while Ethereum handles various things that symbolize "civilization."
