“This bull market cycle will skip Ethereum.”
I have heard this view among investors at least since September 2023. Skipping them in the crypto market means that ETH has underperformed, for example, it has not performed as well as BTC or has barely outperformed BTC.
Now, you can look at this issue from the perspective of someone who doesn’t like Ethereum, they believe that “Ethereum is dead” and has been replaced by “new technology”. I think this is a boring one-dimensional view and obviously wrong. I am still a full-fledged ETH bull.
So, let’s analyze from a long-term bullish perspective on Ethereum.
I have heard two viewpoints from ETH bulls.
1) This cycle will skip Ethereum.
Why? Because Ethereum is going through an awkward emotional phase where it is trying to mature, but the world cannot understand this development phase.
The biggest change for Ethereum this cycle is L2. This is Ethereum basically telling new users not to use the mainnet – “Hey, we are too expensive, but the good news is we have 100 shiny new L2s that you will love!”
Bridges, shards, frustration, repetition.
But L2 is Ethereum!
Yes, yes, I fully know that’s right. L2 is great, they are the best long-term way to scale decentralization, and it’s Vitalik’s vision… and so on.
You don’t need to tell me – I’ve been modular since 2021, but the problem is, I’m not a new marginal buyer of ETH!
Who are the new buyers? It’s meme coin Chad. It’s app user Stacy. I’m TradFi Larry.
But Chad and Stacy are busy buying tokens on the chain they are using, with 96 distractions on L2beat. Meanwhile, Larry is buying Bitcoin – do you think he really cares about on-chain cash flow now?
But fragmentation is being solved, fundamentals matter because…
Ethereum is gritting its teeth, walking a difficult path, going through its necessary awkward phase to become a mature and well-functioning blockchain.
It’s a long-term investment, but will it pay off in this bull market cycle?
In this view? No. We skip this cycle.
2) ETH bull market is coming
Now, let’s look at the second ETH bull market view…
You silly narrative merchant! Of course, $10,000 ETH is coming… just wait. First comes BTC, then comes ETH! That’s how it happens!
In fact, if you don’t know how much stronger Ethereum is now compared to the 2020 cycle, then you must be a fool.
Ethereum has a rock-solid monetary economics. The world’s largest exchanges are launching ETH L2. zkEVM is here. Unlimited L2 budgets are accelerating ETH’s technological development. We are on the edge of an ETH ETF! BlackRock is launching tokenized government bonds… do I need to say more?
Ethereum is the foundation of 1,000 chains, each with 1 million users.
What about L2 chain fragmentation?
It’s 100% fixable. Meanwhile, other blockchains are taking on insane centralized debt that they will eventually have to repay!
Overall, investors will wake up and start paying attention to cash flow, it’s just a matter of time. Missing this cycle for ETH would be the dumbest outcome, and the probability is so small it’s hardly worth considering. Yes, the ETH bull market is coming.
Tags:
2023 market trends
Bankless
Ethereum
Bitcoin
Jinse Finance
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Note: The views expressed in this article do not constitute investment advice.