Despite Ethereum's 66.4% decline from its ATH, many market players believe that ETH is one to keep an eye on. But what's driving this narrative?
, it has been a long ride since 2014. Those who got in early and held for some years surely have their stars to thank for betting on the altcoin. According to CoinMarketCap, ETH’s all-time performance was a staggering 58,014% increase.But after almost hitting $5,000 in 2021, the altcoin was back below $2,000. Now, it has a 66.47% drawdown from its All-Time High . Despite the decline, many market players believe that ETH is a cryptocurrency to keep an eye on for the future.
Typically, a significantly higher market value than the realized value signals a market top . Conversely, a significantly lower market value than the realized value has often indicated market bottoms . as a monetary tool. However, the report did not fail to mention that ETH’s potential as a yield-generating asset should not be questioned, noting that Ethereum’s smart contract feature could help increase its demand in the long term.“Mainstream applications being used on top of Ethereum would, by default, lead to demand for ether, which is why this longer-term trend could be one of the most compelling cases for ether as an aspiring alternative money.
As of July, Ethereum’s stock-to-flow ratio was higher than Bitcoin’s. This means that ETH could prove to be a better store of value than the king coin going forward.For ETH’s short-term projection, AMBCrypto spoke with Gracy Chen, Managing Director at Bitget. Chen agreed that ETH has a higher value proposition than BTC in the long term.
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