July 20, 2025
For most retail investors in the crypto space, the altcoin season is the most anticipated and exciting moment. So what drives altcoins? In past bull markets, there have been ones driven by Bitcoin and others by Ethereum. The latest meme market was driven by $SOL, but its sustainability is quite ordinary. I think if there is another altcoin season in the future, it will likely be Ethereum that drives Bitcoin's rise. After a brief challenge, Ethereum has broken through $3700, refreshing its price high for this round. The next challenge is to break through the $4000 resistance.
Additionally, there hasn't been any buzz around Solana in this round. If you look at the exchange rate, it has already been halved from its relative high point. It's not that SOL is doing poorly; rather, the previous round's hype drove SOL's price to skyrocket, which even led to a lot of criticism towards Ethereum, causing many people to choose to swap ETH for SOL. I have warned about the risks before, as there is a significant difference between a meme-driven surge and the long-term development of DeFi. Of course, for a staunch holder of Ethereum, it is not that I dislike comparisons with other public chains; objectively speaking, Ethereum is the innovator and leader among all public chains.
As for Ethereum’s breakthrough, it is expected to drive the altcoin season because there are so many projects based on the Ethereum chain. Bitcoin has become a 'exclusive investment' for Wall Street, which has diverged from the trends of the crypto market. However, the rise of Ethereum is something that benefits everyone. Additionally, the DeFi projects I have always praised, such as $AAVE $UNI , will become the first batch of mainstream coins to benefit from Ethereum's upward trend, which we are already seeing. In summary, when Bitcoin rises, Wall Street is happy; when SOL rises, Wall Street is still happy; but when Ethereum rises, retail investors are the ones who are happy.
There is also a massive upcoming DeFi project called WLFI that will bring a wave of excitement to Ethereum. This stablecoin project, valued at over ten billion, will activate a new market for USD stablecoins, which is a typical RWA track. This could stir a new storm for the foundational token value of the Ethereum ecosystem. Perhaps everyone says this wave of Ethereum is just because US stock companies are allocating, without real value growth, but I want to say everyone is wrong. The explosion of stablecoin volume will benefit one public chain the most, which is ETHEREUM!
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