Crypto Investor Explains Why ‘ $ETH Is Going To Blow Past Its All-Time High’

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Recently, Spencer Noon, an investor at crypto-focused early-stage venture firm Variant, explained why he is so bullish on Ethereum and its native currency Ether (ETH).

Noon said that there are 11 signs that Ether is “going to blow past its all-time high”:

  • The Ethereum network has the highest fees in the crypto space.
  • The number of large ETH transactions is much smaller than during ETH’s 2018 ATHs, which means that the bigger players are still to come.
  • Hash rate is at all-time highs.
  • The number of daily active addresses (90-day moving average) is at all-time highs.
  • Decentralized finance (DeFi), which is Ethereum’s main use, is experiencing parabolic growth.
  • The total value locked (TVL) in DeFi (currently over $28 billion, according to DeFi Pulse) and the number of projects that have over $100 million in TVL show that that DeFi is “maturing rapidly and becoming institutional-grade”.
  • The total value of stablecoins on Ethereum has grown 10x (from $2 billion to $20 billion) in the past year.
  • Monthly trading volume at decentralized exchanges (DEXes) stood at $60 billion in January (it was around $30 billion back on January 19 when Noon posted his tweetstorm).
  • There is over $20 billion deposited into lending protocols, “a sign that DeFi lending is becoming more battle-tested.”
  • ETH is “steadily” leaving crypto exchanges, which suggests accumulation is taking place.
  • As of February 2, over 2.9 million ETH has been sent to the ETH2 deposit contract.

Featured Image by “elifxlite” via Pixabay.com

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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