“This Bullish Cycle Will Skip Ethereum”
This view has been heard among investors since at least September 2023.
by skip These mean that ETH's performance has slowed, with ETH underperforming BTC and barely beating Bitcoin.
Now you can approach this question as an Ethereum hater, the type who thinks “Ethereum is dead” and that “new technology” has taken its place. I think that's a boring one-dimensional interpretation of him and clearly wrong. Full disclosure: I'm still a total ETH bull.
So let’s instead take a long-term Ethereum bull market perspective.
There are two views I have heard from fellow ETH bulls.
1) Ethereum will be skipped in this cycle
why? Because it's adolescence. Ethereum is going through an awkward emo phase of trying to be an adult. the world can't understand.
The big change for Ethereum this cycle is L2. This is basically the first cycle where Ethereum tells new users not to use the mainnet. “Hey, we're too expensive, but the good news is he has 100 shiny new L2s you'll love!”
Bridging, fragmentation, frustration, repetition.
But L2 is Ethereum.
Yeah, yeah, time will tell you that's true. L2 is great, it's the best way to increase decentralization in the long term, it's Vitalik's vision…and so on.
Needless to say – I have been using Modular Pills since about 2021, but the point is that I am not a new marginal buyer of ETH.
Who is the new buyer? Meme Coin Chad. I'm Stacy, an app user. It's TradFi Rally.
But Chad and Stacey are busy buying tokens on the chain they're using, and L2beat has 96 distractions. Meanwhile, Larry is buying Bitcoin. Do you think he really cares about on-chain cash flow now?
But fragmentation is being resolved, because the basics matter.
Let me stop you there. know.
Again, this is adolescence. While all infant chains choose shortcuts, Ethereum has taken the difficult path and gone through the necessary messy stages to become a mature and fully functioning adult chain. a bit.
It's a long game, but will this bullish cycle pay off?
In this view? no. We skip that cycle.
2) ETH bull is coming
Now, let’s look at the second ETH bullish perspective…
🗣️This stupid story trader! Of course, 10,000 ETH comes into play…wait a minute. First BTC, then ETH. This is how it happens!
Indeed, you would have to be a fool not to realize how powerful Ethereum is now compared to Ethereum in the 2020 cycle.
It's the only chain that's making a profit, but it's nowhere near that. It has a solid financial economy. The world's largest exchange is launching his ETH L2. zkEVM is here. Unlimited L2 budget is accelerating ETH technology. On the verge of ETH ETF! BlackRock is launching a tokenized treasury… Need I say more?
Does your chain have 1 million users? Like. Ethereum is a root chain of 1,000 chains with 1 million users each. Watch them eat up your fees.
What about L2 chain fragmentation?
This is 100% fixed. Other chains, on the other hand, have large debts due to centralization that they will eventually have to pay back.
All in all, it's only a matter of time before investors wake up and start focusing on cash flow rather than narrative junk food. If ETH misses this cycle, it would be the stupidest outcome and so unlikely that it's hardly worth considering. Yes, because the market is like a scale. ETH bull is coming.
I'm there.
Two perspectives of ETH bulls: Schipor and Waytor.
Which one is you?
