TL; DR
Full story
You know the saying ‘comparison is the thief of joy’?
If you’re an Ethereum holder, that saying may hit a little too close to home.
Bitcoin has boomed, while Solana has gone through a huge tear… and it’s certainly not like ETH is doing badly…
Things just didn’t go well for comparison.
Well, that ends today. Thanks to these three factors:
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Short-term – ETH is on the run! It is up 11.46% over the past 7 days (compared to +4.30% of BTC and +1.87%) of SOL.
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Medium term — A decision on a potential Ethereum ETF will be made on May 23. Whether we see an approval or a denial, the story will likely see prices increase leading up to the announcement.
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Long-term — The Ethereum 2.0 update (aka ‘The Merge’) introduced fee burning (i.e. for every transaction made, a small amount of ETH is destroyed).
This means that the more ETH is traded, the scarcer it becomes.
So far, Ethereum’s supply has shrunk by -0.2% per year (while Bitcoin’s has inflated by +1.67%), which is a solid start – but bonus:
ETH’s burn rate will only increase as the bull market emerges and people start trading more.
(Which makes it a double whammy of a positive story And basics).
We’d love to see it!