Weiss Rating: After a correction, the next stop of Ethereum may be a record high
After experiencing a recent long-term price rebound, Ethereum has set a record for the longest winning streak in 2020. At the same time, due to the recent plunge, the overall cryptocurrency market has also entered a correction.With $112 million in ETH options contracts expected to expire this Friday, some investors are bracing for a bigger pullback to come.
However, Weiss Crypto Ratings noted that Ethereum is poised to hit new record highs, and they emphasized thatsecondary title
The retracement is complete, waiting for the next rally
Just a few days ago, the price of Bitcoin fell sharply to$11,300 area。This has caused other mainstream cryptocurrencies such as Ethereum to also fall below the key support area.After hovering above $400 for several days, Ethereum dropped below $380, but traders were not surprised by the pullback, though.
In a tweet on August 25, Weiss Ratings, a well-known cryptoeconomic research institution based in the United States, believes thatAlthough the popularity of Ethereum has declined, it is essentially due to the price drop.According to Weiss, as a result of the correction witnessed,The cryptocurrency is now aiming for new heights.
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Fundamental indicators are still good
Although the price of Ethereum has stagnated in recent days, the DeFi space has continued to experience meteoric growth. According to data provided by DeFi Pulse,The total value locked in DeFi protocols recently topped $7 billion for the first time.
Aave is currently the largest DeFi protocol with $1.51 billion in locked assets.Aave’s exponential growth over the past few days comes after its lending platform was granted an Electronic Money Institution (EMI) license by the UK’s Financial Conduct Authority (FCA).The Aave protocol is followed by MakerDAO, which has $1.42 billion locked.
In addition to DeFi,Experts Believe ETH's On-Chain Fundamentals Are Stronger Than Ever. For example, Placeholder Capital partner Chris Burniske (Chris Burniske) believes that Ethereum's strong "on-chain economy" and mainstream people's views on encrypted assets may trigger a wild rally.
Chris said, "At the same time, for mainstream Ethereum, new challenges can change its current state, and hopefully this realization will go crazy. Given that Ethereum has outperformed BTC during its lifetime, let alone Speaking of smaller network value and strong on-chain economics, I thinkEthereum and Bitcoin set to overtake other cryptocurrencies。”
Therefore they believeThe original text comes from zycrypto, compiled by the Bluemountain Labs team, the English copyright belongs to the original author, please contact the compiler for Chinese reprint.。
The original text comes from zycrypto, compiled by the Bluemountain Labs team, the English copyright belongs to the original author, please contact the compiler for Chinese reprint.
