cryptocoin.com As we have reported, new analyzes from the consulting giant company excite many investors. The giant company Motley Fool, which draws attention especially with its comments on the altcoin market, put forward a bull scenario for the leading altcoin Ethereum (ETH)! Here are the details…
Consulting giant Motley Fool announced: Ethereum may be bullish soon!
As you know, Ethereum (ETH) was one of the best performing cryptos in 2023. Ethereum, which has risen 57 percent over the year, is currently trading at around $1,900. Even better, Ethereum recently completed its first major technological upgrade after The Merge and seems well-positioned for future growth. So what’s next for ETH?
Motley Fool experts drew attention to the Ethereum TVL level!
The first metric to consider, according to the giant company, is Total Locked Value (TVL), a popular indicator of overall blockchain activity. It measures the total value of crypto assets invested in smart contracts and decentralized finance (DeFi) protocols. Ethereum does not disappoint in this regard. According to the latest data from DeFi Llama, which tracks TVL over time, Ethereum remains the dominant market leader in the blockchain space. Ethereum ranks #1 with a TVL of approximately $29 billion. Its next closest competitor is Tron (TRX) with just $5.4 billion TVL. Overall, Ethereum accounts for around 59 percent of all TVL in the blockchain world. This is the sign of a true market giant.
Things look good even when you get down to the TVL count, according to the giant company. For example, DeFi Llama offers a time series of TVL data, so it’s possible to see how things have been going since September’s The Merge. Seven months ago, Ethereum had a 56 percent stake in the blockchain TVL, meaning its market share percentage has actually increased quite a bit since then. According to these experts, it is a good sign that Ethereum has not slowed down at all since The Merge.
Ethereum Staking market cap
The next metric to consider is staking market cap, which measures how much of a particular crypto is staked. According to experts, this is an important consideration for Ethereum because The Merge was all about transitioning from a Proof-of-Work to a Proof-of-Stake. According to experts, it is possible to gauge how well this transition is going by analyzing the staking market value as well as other environmental metrics related to staking.
Currently, Ethereum’s staking market cap is $34.3 billion, ranking #1 among all blockchains. The next closest competitor is Cardano (ADA) with $9.4 billion. The only downside here is that the staking rate, which compares the staking market cap to the overall market cap, remains relatively low for Ethereum at just 14.9 percent. For comparison, Cardano has a 65% stake.
However, according to experts, Ethereum could be bullish for two reasons. First, staking has officially only existed on Ethereum since September when The Merge took place. On other blockchains, staking has been around for years. For example, staking has been available in Cardano since 2017. Second, the whole point of Ethereum’s new update in March was to make staking more attractive to users by addressing a major issue left unresolved by The Merge. Hence, no one expected Ethereum’s staking numbers to improve significantly until the upgrade was complete.
And by all indications, staking has been a huge success for Ethereum since March. As soon as the technology update on staking was completed, institutional investors lined up to stake over $1 billion in Ethereum. Experts expect blockchain’s staking market cap to rise in the coming months, given Ethereum’s new and massive influx of staking activity.
So, what’s next for the leading altcoin Ethereum?
Overall, the numbers seem to paint a positive picture for Ethereum. According to TVL, Ethereum remains the dominant layer-1 blockchain project. Based on staking market cap, Ethereum is doing an excellent job at proof-of-stake transition. Considering all this, according to experts, it seems that Ethereum did not rise at all after The Merge. That’s why Motley Fool experts are predicting a bullish breakout for Ethereum recently.
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