Ethereum, the 2nd largest crypto in terms of price, has been struggling to keep its price, even after scheduled upgrade events that will come. Developer at Ethereum, Tim Beiko, stated about Ethereum’s London upgrade, which is coming next month, questioning the bullishness of the coin after the hyped upgrade.
Crypto analyst from New Zealand, Lark Davis, has been stacking up on Ethereum, despite the current market situation. He posted a video on YouTube on why he still believes that Ethereum has a great chance of becoming the best.
Lark Davis mentioned Ethereum-based ETFs, saying that they are surely going to become very popular in the market. Big countries like Canada and Brazil have already allowed the use of ETFs in their markets, and many more Ethereum-based ETFs are awaiting approval from the SEC of the United States. The United States has over 55.9% of the global equity market, so if the ETFs pass approval, a massive amount of money can move into Ethereum. SkyBridge Capital CEO Anthony Scaramucci has also announced an Ethereum-based find and also confirming to register an Ethereum ETF.
Davis stated that with the Ethereum 2.0 Upgrade coming, a possible Triple Halving event might also occur, but it wouldn’t come till next year. Davis said that the Current inflation experienced by Ethereum is around 4.5% which will hopefully dive down to 0.5% after the upgrade, which will surely give Ethereum an Edge. Having less inflation means that the asset will become less available, driving the price upward.
Adding to that, EIP 1559 will also help out in reducing transaction fees, making the asset have the ability to have automatic stocking up. Following this, the overall demand for Ethereum has also risen way higher than before, as Ethereum being secured in the 2.0 staking contract has had a significant advantage. According to statistical data from sources, nearly 6.2 Million Ethereum was secured in the 2.0 staking contract, showing a great deal of value.
Lark Davis discussed Bitcoin flipping in a tweet thread, saying that Ethereum has been flipping Bitcoin in most of the metrics recorded. He supported his claim by a graph that displayed that Ethereum has been settling almost three times that of Bitcoin on a daily basis. Data also shows that Ethereum has also been improving on its fees.
Lark ended by saying that these reasons are why it is not that hard to become Bullish on Crypto.