Crypto飞哥
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BTC has risen to 88000, but ETH is still below 1600
Seeing this market trend, I estimate that many people want to criticize ETH again, only focusing on the short term. ETH has dropped directly from 3500 without any rebound. I don’t know the real reason, I can only speculate:
1. ETH is heavy, institutions are driving down the price to clear out retail and long leverage positions, accompanied by a small number of institutions cutting losses and exiting, similar to how in July 2022, the major bull Three Arrows Capital was liquidated;
2. There are fundamental issues with ETH. Personally, I believe the possibility of reason 1 is a bit higher. XRP, ADA, and SOL can all rise, with market capitalizations approaching that of ETH, but their daily trading volume is only less than one-fifth of ETH, while ETH's daily trading volume is 50%-70% of BTC's, which is completely inconsistent with its market cap. From this perspective, when even the dogs on the street know that ETH is doomed, the cost-performance ratio of ETH is already very high.
I don’t know if 1384 is the bottom, it’s very possible that it isn’t, but at this position, the cost-performance ratio of ETH is quite good. If ETH completely fails, then there will be no technology in the future, and the entire cryptocurrency space will become a casino for meme coins; in the long run, SOL and other chains will also go to zero. One day, ETH may be replaced, but it will definitely not be by the SOL chain or centralized pseudo-tokens like XRP.
In the long run, I still have confidence in ETH.
Seeing this market trend, I estimate that many people want to criticize ETH again, only focusing on the short term. ETH has dropped directly from 3500 without any rebound. I don’t know the real reason, I can only speculate:
1. ETH is heavy, institutions are driving down the price to clear out retail and long leverage positions, accompanied by a small number of institutions cutting losses and exiting, similar to how in July 2022, the major bull Three Arrows Capital was liquidated;
2. There are fundamental issues with ETH. Personally, I believe the possibility of reason 1 is a bit higher. XRP, ADA, and SOL can all rise, with market capitalizations approaching that of ETH, but their daily trading volume is only less than one-fifth of ETH, while ETH's daily trading volume is 50%-70% of BTC's, which is completely inconsistent with its market cap. From this perspective, when even the dogs on the street know that ETH is doomed, the cost-performance ratio of ETH is already very high.
I don’t know if 1384 is the bottom, it’s very possible that it isn’t, but at this position, the cost-performance ratio of ETH is quite good. If ETH completely fails, then there will be no technology in the future, and the entire cryptocurrency space will become a casino for meme coins; in the long run, SOL and other chains will also go to zero. One day, ETH may be replaced, but it will definitely not be by the SOL chain or centralized pseudo-tokens like XRP.
In the long run, I still have confidence in ETH.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
ETH
2,486.19
-3.46%
