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

The enthusiasm for mining

At that time, the profits from mining were very high; as long as you bought a graphics card, you could break even or even make a profit after mining for half a year. Almost everyone had a graphics card at home 'quietly making money,' and this craze pushed ETH to its historical high.

The graphics card speculation frenzy

Scalpers both domestically and internationally were frantically buying up graphics cards, combined with NVIDIA's deliberate 'slow supply' strategy, and AMD's relatively weak influence in the market, creating a situation of supply exceeding demand that caused mining enthusiasm to soar. This supply tension further boosted ETH's market popularity.

However, in this bull market, ETH has shown a very weak performance.