Why can't this round $ETH rise? Let's first take a look at how ETH soared in the past.
Back in the summer of DeFi, ETH was in a great position. At that time, the U.S. government printed a lot of money due to the pandemic, and people in the market had cash, so they started thinking about how to invest and make money.
Mining Ethereum back then required real money to buy mining machines, it wasn't as easy as it is now. When Bitcoin's price rose, other cryptocurrencies also benefited, and ETH was one of them, with its price rapidly increasing.
Then the automated market maker (AMM) model in DeFi became popular, and everyone started paying attention, pouring money and attention into it. With this DeFi boom, the Ethereum Virtual Machine (EVM) became overwhelmed, and with more on-chain activities, gas fees also rose.
Those who got into DeFi mining early made a fortune; as news spread, more people rushed in to get a piece of the pie. Some blockchain projects even airdropped tokens to attract users, which also brought in a lot of people.
Additionally, with the rise of NFTs, everyone could use ETH to buy and sell digital art, increasing the demand for ETH even further. DeFi platforms also offered lending services, allowing investors to borrow money and leverage, which pushed ETH prices up again.
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