Ethereum (ETH) Fueled The Last Two Bull Runs, Will It Do So Again?
✍️ 31 July, 2022 - 11:12 👤 Editor: Jakub Motyka
- Ethereum is in the midst of a bull rally again
- The last two cryptocurrency market bull runs have been led by ETH
- What changes will the migration to Ethereum PoS bring to the crypto market?
Ethereum, the second largest digital asset in the crypto market, has had a significant increase in its price, similar to as it was in the last two bull runs. This is closely related to its next update in which it will go from Proof of Work (PoW) to Proof of Stake (PoS). A large number of investors have been motivated to invest in the cryptocurrency market. , waiting for the effects that the migration will bring.
ETH prices reached a high of $1,667 in the morning hours of July 27, before pulling back slightly. In recent weeks, ETH has had one of the highest returns among the top 20 cryptocurrencies in the market, reaching up to 14% in daily candles. This little bull run has represented a gain of 200 billion dollars for the total market capitalization, which had been in free fall a few weeks ago.
Could Ethereum Lead The Way To A New Bull Run?
According to David Hoffman, Ethereum advocate and founder of Bankless, ETH has been the main driver of recent market bull runs. In 2017, ETH funded several ICOs, which had a strong impact on the economy. Later in 2021, FOMO around DeFi and NFTs was the main reason for the previous bull market. All, using the Ethereum blockchain as a base.
Hooffman predicted that the next bull run will also be led by Ethereum, and we are seeing the first signs of it, on the eve of its migration to PoS. It should be noted that this migration expects to provide new tools to deal with security issues and operation costs in the ETH blockchain. However, this does not mean that gas fee rates will decrease immediately. This will largely depend on your community and how you will adapt to the new consensus system.
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