It’s been just revealed that there are two new sectors that are boosting the value of Ethereum. Check out the latest reports about this below.
2 triggers of ETH price
According to Glassnode, a leading cryptocurrency analysis firm, the price of Ethereum (ETH) is expected to rise due to the growth of two emerging sectors in the digital asset industry.
According to a recent report by Glassnode, crypto gaming and staking have become essential aspects of the Ethereum ecosystem after gaining significant popularity in 2022 and exploding in 2023, respectively.
“Over the past two years, two new sectors have emerged within the Ethereum ecosystem; GameFi and Staking. Each sector has sparked varying degrees of investor interest, with GameFi almost overtaking DeFi in mid-2022. The Staking industry (represented here via the tokens of Liquid Staking Protocols) has been on the rise since the beginning of 2023, with the aggregated market cap exploding from $505M in Jan-2023 to over $3.20B in Apr-2023.”
The same notes revealed the following:
“If we consider these sectors as parts of the wider Ethereum economy, and within the context of EIP1559 burn, we can also expect that some portion value accrued by these sectors, will also feed back into the valuation of ETH.”
ETH vs BTC
Benjamin Cowen, a cryptocurrency strategist, is sharing his thoughts on the future performance of Ethereum (ETH) compared to Bitcoin (BTC).
Cowen, in his latest YouTube video, informs his 783,000 subscribers that Bitcoin’s market dominance chart (BTC.D) is showing a strong upward trend, indicating that a significant portion of the total cryptocurrency market capitalization belongs to BTC.
The crypto analyst has observed that the Ethereum versus Bitcoin (ETH/BTC) chart seems to be moving in the opposite direction.
“To me, this just looks one higher low after another for Bitcoin dominance.
And for Ether/Bitcoin, it just looks like one lower high after another, right? Just one lower high after another.
