Ethereum Poised For A Comeback Following Interest Rate Cut: Steno Research
The post Ethereum Poised For A Comeback Following Interest Rate Cut: Steno Research appeared on BitcoinEthereumNews.com.
Este artículo también está disponible en español. According to Steno Research, Ethereum’s (ETH) days of underperformance against the wider crypto market might be numbered following the US Federal Reserve’s (Fed) decision to cut interest rates. It’s Time For Ethereum To Shine Again Regarding price appreciation, ETH hasn’t had a particularly impressive 2024. While Bitcoin (BTC) and altcoins like Solana (SOL) and Tron (TRX) have witnessed considerable price gains, ETH is still trading at its January 2024 price levels. Notably, the second largest digital asset by market cap has tumbled 48% against Bitcoin since the Ethereum merged on September 15, 2022. Related Reading For the uninitiated, the Ethereum merge was a major milestone for the leading smart contract platform as it not only changed its consensus mechanism from Proof-of-Work (PoW) to Proof-of-Stake (PoS) but also razed down the issuance of new ETH from 4% to 1% annually. As a result, there has been a net negative ETH supply growth with more ETH being burned through transaction fees than issued to stakers. ETH supply growth has plateaued since around September 2022 | Source: Etherscan.io Ethereum’s unimpressive performance against Bitcoin can be confirmed from the following chart, where the ETH/BTC trading pair has fallen to 0.04, eroding all its gains against the flagship cryptocurrency since April 2021. However, a recent report by Steno Research opines that it’s time for Ethereum to come back. ETH has lost all its gains against BTC since April 2021 | Source: ETHBTC on TradingView.com According to the report, the Fed’s decision to slash interest rates might be the fuel that propels ETH’s price surge in the coming months. The report references ETH’s performance during the last altcoin season, where it more than doubled in value compared to BTC in less than two months. This sudden growth was powered…
Filed under: News - @ September 20, 2024 10:08 pm