Market research firm Steno Research stated in a report on Thursday that the recent underperformance of Ethereum (ETH) may have come to an end and is ready to shine again, whether in terms of price growth in fiat currency or relative to Bitcoin (BTC).

The price of Ethereum once rose from $2280 at the beginning of the year to $4090, but in the past six months it has fallen back to between $2100 and $2800, with an increase of about 11% year to date. The price of Bitcoin has risen by 50% this year, reaching a peak of 74% at one point. The ETH/BTC ratio has continued to decline after the Ethereum merger and upgrade in 2022, with a drop of over 50%.

Steno Research's report suggests that Ethereum's performance in the previous bull market can provide some guidance. Ethereum surged during the Altcoin season at the time, and in less than two months, its value more than doubled compared to Bitcoin. The report states that this transformation is triggered by a surge in on chain activities, including decentralized finance (DeFi), stablecoin issuance, and the flourishing development of NFTs, all of which mainly occur on the Ethereum blockchain.

Steno stated that the Federal Reserve's interest rate cut earlier this week will lead to an increase in on chain activity, which will greatly benefit Ethereum. The research institution also believes that the performance of Bitcoin exchange traded funds (ETFs) is unlikely to continue to outperform Ethereum ETFs, and points out that Ethereum has shown the ability to suddenly outperform Bitcoin in the past.

There are three main reasons why Bitcoin has performed better than Ethereum recently. Mads Eberhardt, a senior cryptocurrency analyst at Steno, wrote:

The impact of US spot ETFs on Bitcoin and Ethereum, the continued buying pressure on MicroStrategy, and the significant decline in Ethereum trading revenue in recent months

Eberhardt stated, "Ethereum's active addresses remain strong, especially considering the increasing adoption of Rollups." He added that the network's transaction revenue appears to have bottomed out in August.

Eberhardt wrote on social media: "Lower interest rates ->More on chain activity ->Higher Ethereum trading revenue ->Lower ETH supply growth ->Higher ETH prices

Asset management company Bitwise is also optimistic about the prospects of Ethereum. The company stated in a report on Tuesday that "Ethereum appears to be a potential contrarian investment opportunity before the end of the year

data source

(责任编辑：金店)

• ·农业公司土地流转怎么做会计分录
• ·10月31日银河行业混合A净值增长0.23%，近3个月累计上涨18.9%
• ·电商返佣金会计怎么处理
• ·10月31日招商均衡成长混合C净值增长0.32%，近3个月累计上涨4.81%
• ·莱特币行情美元-莱特币行情美元走势
• ·10月31日博时丝路主题股票A净值下跌1.30%，近6个月累计下跌5.95%
• ·分析师表示，比特币仍保持简单，因为它维持在超级趋势支撑位上方的上升通道
• ·meme币交易所app下载官方 meme币最新版下载官方app下载
• ·Tradoor完成320万美元融资将推文本交易功能
• ·10月31日银河蓝筹混合C净值增长0.15%，近3个月累计上涨19.42%
• ·ETH突破2500美元关口，24小时涨幅达0.72%
• ·中国电影(600977.SH)：由金庸经典武侠作品改编的电影《射雕英雄传》正在后期制作中
• ·Big bet, special bet! DYdX announces the introduction of leveraged trading for the prediction market
• ·芯原股份：2023年半导体IP授权业务市场占有率位列中国第一，全球第八；收入全球第六
• ·Robinhood 提议联邦代币化框架，瞄准30万亿美元代币化市场
• ·10月31日广发瑞泽精选混合A净值下跌0.27%，近1个月累计上涨2.59%