7 Reasons Why Ethereum price Will Rise higher soon – Taking cues from crypto rockstar Lark Davis, here we bring you 7 reasons why you should hold onto your Ethereum for now. The popular Youtube personality has recently tweeted a list of reasons why he remains bullish on ETH.
So, let’s just jump right into it.
1) Ethereum ETFs are here.
Exchange-Traded Funds for Ethereum are finally here and will gain popularity really quickly. First Canada, and now Brazil, have approved ETH ETFs. At the same time, multiple ETH ETF applications are waiting in line at the SEC in the USA which, once approved, will result in major money pouring into Ethereum.
2) Ethereum takes the throne for innovation.
There is no doubt. When it comes to innovating, Ethereum is king. It has the biggest developmental lead, and its recent releases of multiple layer two features really stresses this. Uniswap, which is the biggest DEX on ETH, has just announced its integration of Optimism for scaling.
3) The triple halving is on its way.
As of now, ETH annual inflation is around 4.5%. When ETH upgrades to 2.0, it will drop to around 0.5% only. This equals 3 Bitcoin halvings! This is surely a bullish sign.
4) EIP 1559 to be implemented next month.
The London Hard Fork EIP 1559 will burn the fees paid for some transactions. This will eventually turn ETH into a deflationary currency.
5) Proof-of-Stake coming VERY SOON.
The most-awaited update might just make its way here this year. The shift to PoS will change the economics of ETH from a mine-and-dump economy to a stake-and-hodl economy. One of its most important contributions will be removing the environmental impact critique.
6) Demand for Ethereum is promising.
For one, the amount of ETH locked in the 2.0 staking contract continues to grow. In fact, more than 6.2 million ETH is locked in 2.0. Along with this, on-exchange supplies keep hitting new lows.
7) Ethereum is overtaking Bitcoin on most important metrics.
For instance, Ethereum is settling 3X more than Bitcoin every day on-chain. Other than that, Ethereum is also recording higher fee earnings than Bitcoin. Moreso, while Bitcoin may be the future of money, Ethereum is seen as the future of technology. That sort of thinking globally, might lead to a shift in preference between the top two coins.
Keeping in mind these signals and upcoming events, it’s “hard not to be mega bullish on ETH”, as per Lark Davis. Do your research and invest wisely.
This post was last modified on %s = human-readable time difference 8:30 PM