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Break out week for ETH - a few reasons why
Everyone is aware of the 'other crypto blue-chip' ETH, but do you know why it had a massive week causing the great flippining?
Let's recap, last week ETH after reaching several new ATH was beat back to $2,336 and then upon the 'backs of several metrics and events vaulted higher to a net new high of $2,800!
- A landmark 4miilion ETH 2.0 have been staked, a critical milestone in move from PoW to PoS
- The second largest Crypto hit a market capitalization of $312B
- A large EU investment Bank launched digital bond sale upon ETH Blockchain (value estimated to be ~$120M over the next two years - A huge shift for the bond market which tends to be the technical rudder for the equity markets.
- DeFi market platforms - Uniswap, Maker & Compound passed NVL (Net Value Locked) > $73Billion - WOW
- ETH open interest contract value swelled to new highs in April even as a huge value expired yesterday. (Still small compared to BTC but a step in the right direction if you ask me)
- Building blocks for ETH 2.0 continue to be laid into place - I.E. Berlin went live April 15, next stop 'London' release
- Wait for it - EIP-2565, introduces some fee-reducing measures for specific cryptographic functions - yes
Next stop $10K, potentially this year! We have to see how much resistance takes place in/around $3K. ETH continues to aid in eroding BTC dominance, would you celebrate a $10K ETH price?
Summary as ETH moves from V1 to V2 the foundational pieces are being installed, bringing down the astronomical fees and brining ground breaking technology to Institutional and Retail investors.
