Ethereum is rising and quite a bit, up by about $100 in the past week to a new two yearly high of $480.
Anyone who bought and hold eth after July 2018 and before November 2017 is now in profit, with a big resistance line seemingly taken down.
Whether that is indeed the case remains to be seen, but last time it crossed it, it doubled within days.
Eth is arguably not as bullish this time around as in 2017 when it just vruumm, but on the other hand today’s eth is almost a completely different world to the 2017 one.
It’s far bigger, which you can’t tell from price because of inflation, but that will be gone hopefully next summer when eth 1.5x kicks out the miners.
It is also a lot more innovative as in 2017 tokens were eth and eth was the tokens basically, while now eth is a code based financial and investment market.
Just to see how much has changed, look at grandpa coin where nothing has changed. Just the same buy and hodl.
That said, bitcoin has that guarantee of fixed limit that gives it the stock to flow meme and also has a very smart and cunning community, so no say bad things about it or they bring out bugs bunny.
The no change is in itself part of bitcoin’s appeal, aaaand what makes eth complementary because eth is a world computer with codable innovation, so it moves fast.
That means bitcoin’s job is to be tokenized in eth, and then there’s a lot you can do there in defi.
So bitcoin is rising as well to $12,000 now, but eth is rising faster as can be seen above, doubled since May to now 0.04 bitcoins.
Why eth faster? Well because sushi is feeding it much energy. Elon Musk as well now has so much money, he is worth two eths. You’d think he’d buy some yETH with that devaluating fiat with his lunch money being $10 billion now that he worth more than Zuckerberg at $111 billion.
Also you heard about Germans chasing insurance contracts because the 1.5% a year they provide is better than the 0.5% a year banks give?
Well, grandma or no, chucking some lunch money to get 2,000% a year must be quite tempting.
Managed by their cool young nephews of course. You guys remember Draper, Adam Draper? Yah, he convinced his billionaire dad to get some bitcorns in 2014.
Now he hangs out on defi chans meme-ing degen gambling. Nope, nope, we completely made up that last part.
Anyway, we’re probably completely wrong, but maybe it’s finally time to get some nice music going.