December 17, 2024
Under the vigorous rise of Bitcoin, Ethereum finally touched 4100 and refreshed its high from March this year. It is now less than 1000 dollars away from its historical high. Since the start of this bull market, ETH has been criticized, even facing various FUD. As a staunch supporter, I continue to invest my faith, especially when this wave of bull market began. I also suggested partially shifting profits into ETH. Currently, whether in exchange rates or prices, ETH is in the type that gains momentum later.
As for the value of Ethereum, there’s no need to say much. It rightfully holds the top position with its thriving ecosystem. Although it seems that many public chain projects are emerging, in reality, they are all imitating the rise of Ethereum, and most are simply copying it. The reason why previous public chains like Matic, Avax, and BSC lacked vitality is that they took a slice from the DeFi feast created by Ethereum without any innovation; the final outcome was destined. Meanwhile, the Ethereum ecosystem remains the source of innovation. With this, once a new paradigm arises, Ethereum's price will surge. This includes several of the hottest projects this year, ENA and PENDLE, which are inseparable from Ethereum's DeFi environment.
When looking at prices, one cannot just look at the surface. Indeed, ETH has not outperformed Bitcoin, but conversely, for the vast majority of coins, not to mention outperforming Bitcoin, even ETH has not outperformed. Some foolish comments state that EOS has doubled recently; EOS needs to increase tenfold to reach its previous high. People like this are simply both foolish and malicious. Recently, someone asked about EOS; we should not have any hopes for such coins. Speculating without daring to invest heavily and not aligning with actual conditions means we should not participate. It’s better not to earn this money, as it cannot guarantee any profit.
In terms of market conditions, Bitcoin continues to stand out alone. The reason altcoins are relatively quiet is due to different main forces; Wall Street and consortiums are playing with Bitcoin, and to push prices up, they can only rely on themselves. However, I still believe that as long as Bitcoin continues to rise, Ethereum and altcoins will eventually have their moment of explosive growth. The recent drop seems to show that there are still too many short-term bullish sentiments, and the main players are taking a short-term profit wash. Furthermore, Ethereum’s resistance has not yet been officially broken. Since Bitcoin is dancing solo, we should patiently wait for the next round of rotation and supplementary rises. Once Ethereum officially breaks through its resistance, it will lead to a new trend for altcoins. Of course, everyone should also avoid FOMO too much. At this position, we should still follow the established plan and not fully reinvest; stability is key.
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