I always feel that ETH is holding back a surge
Stop feeling it, Bitcoin has broken through the new high of 110,000, while ETH is still lingering around 2,500, not even breaking 2,620, let alone the recent high of 2,700.
Many people say ETH is not performing well due to the stablecoin bill, but Ethereum is a direct beneficiary: Ethereum is the main battlefield for stablecoin issuance (USDC, USDT, DAI, FRAX mostly run on Ethereum and its Layer 2).
After the bill is passed, activities such as stablecoin trading, DeFi lending, cross-chain bridges, and on-chain payments will experience explosive growth, which will directly enhance Ethereum's network usage rate and transaction fee income.
ETH, as an "oil fee asset" and "staking asset," has a stronger value support.
Therefore, ETH is one of the biggest beneficiaries of this round of good news, similar to the "winners selling shovels."
So why can't ETH even break the recent new high? In fact, the more this happens, the more you should believe in it. Last night, fans were hitting their thighs in frustration, going long at 106,000, but when it rose to 110,000, they couldn't take profits and close their positions, it was a mess.
ETH dropped 150 points in less than two hours from 2,615; the crypto market rollercoaster is really thrilling. Trump is having a dinner soon, and it seems he will be losing money again tonight.
If you still want to be Trump's dinner tonight, go ahead 😀. If you don't want to, then here everyone pitches in.
