- Ethereum has gained 60% of its value year-to-date (YTD).
- Another CryptoVantage survey revealed that 46% of respondents think Ethereum will surpass Bitcoin.
Ethereum [ETH] outlook for the next 12 months and the long term is positive, according to a recent report published by Fidelity Digital Assets.
The company is bullish on the main altcoin in the short term (less than a year), but not so enthusiastic in the medium term (1-5 years). In general, it has a positive view of ETH in the long term (more than 5 years).
The finding is part of the “Q2 2023 Signals Report,” published by Fidelity on July 18.
Source: Loyalty
Fidelity attributes its bullish outlook to a higher burn rate than issuance on the Ethereum network. In fact, since the Merge in September 2022, more than 700,000 tokens have been removed from the network.
According to the report, the number of active Ethereum validators increased by 15% in the second quarter.
The anticipation around EIP-1153 is also giving way to excitement around the Ethereum network. The update brings “transient storage opcode” which offers benefits such as improved efficiency and cost reduction.
As of April 2020, the total value locked (TVL) on the Ethereum network has fallen to its lowest level of 13.7 million ETH (worth $26 billion).
Source: Defillama
ETH has gained 60% of its value year-to-date (YTD). At the time of writing, it was trading at $1,908.
Source: CoinMarketCap
46% Americans think Ethereum will surpass Bitcoin
CryptoVantage issued the results of a survey on July 18 showing that 46% of respondents think ETH will surpass Bitcoin [BTC]. The survey polled 1,000 Americans who had bought at least some cryptocurrency in the past five years.
70% of respondents believe BTC will return to its all-time highs within the next five years.
BTC has gained 80% of its value YTD. At the time of writing, it was trading at $29,986.
Source: CoinMarketCap
The Fidelity report is also very bullish on the king coin, both in the long and short term.
Source: Loyalty
21% of CryptoVantage respondents think the US Securities and Exchange Commission (SEC) is suing Binance [BNB] and Coinbase [COIN] will negatively impact the future value of crypto.