and Bitcoin both rising and falling. Ethereum, in particular, has showed some promising signs beyond price movements though, especially in terms of revenue.
At the time of writing, ETH was up by 1.71% over a 24-hour period, with the altcoin valued at $3,334.77.However, if we look at the monthly data, the altcoin has dipped by 11.94%, with its trading volume down by 5.18% too at a figure of $13.87 billion. Remarking on the month-long bearish movement and the long-term prospects of Ethereum, renowned trader
“I get tired of saying it, but $ETH is a junk coin despite mindless devotion of Etheridiots. As a store of value it is junk – a $BTC pretender.”“Its functionality is also junk – difficult to deal with L2s and outrageous gas fees. Of course it will always attract “investors””., for instance, cited Lido’s reduced stake in Ethereum as a factor. In fact, Nikolaos Panigirtzoglou believes this decline could save the altcoin from being classified as a security.
“Don’t forget the > $1bi per quarterl hacks, “hacks” and rug-pulls on its seemingly unsecurable script, which is just getting worse over time, because complexity kills; and the eths in charge just continue adding complexity…” Despite various criticisms, however, many expect ETH to do well, particularly after Bitcoin’s halving. Hashkey Capital’s Head of Research, Jupiter Zheng, shares this sentiment too, suggesting that ETF denial may not significantly affect prices. Moreover, he believes that the approval of a spot Ether ETF with staking could further boost prices.. This is a sign of strong dominance of long-position traders who are willing to pay short-position traders – A bullish sign for Ethereum’s market.
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