As a seasoned crypto investor with over two decades of experience in macroeconomics, I’ve seen my fair share of market ebbs and flows. Lyn Alden, whose insights I respect greatly, has admitted to being a ‘long-term Ethereum bear.’ While I don’t necessarily agree with her stance, her recent surprise at Ether’s weak performance against Bitcoin post the election outcome is understandable.
Macroeconomist Lyn Alden, who is not particularly fond of Ethereum, expressed her surprise at Ethereum’s poor performance relative to Bitcoin following an election result she anticipated would benefit Ethereum more significantly.
In a November 17 post, Alden expressed that he has maintained a relatively polite and long-term bearish stance towards Ethereum, but the recent all-time low of ETH relative to Bitcoin following the election was harsher than anticipated by him.
Lyn Alden admits she has been a ‘long-term Ethereum bear’
Alden expressed her surprise that, despite Donald Trump’s administration showing an openness towards crypto securities, Ether’s (ETH) performance relative to Bitcoin weakened after his victory was declared.
“ETHBTC jumps, then falls. New lows after good news,” Alden commented.
On November 15th, approximately two weeks following the election, the relationship between ETH and BTC (represented by their ratio) hit a significant low point not seen in multiple years, last observed in March 2021, with a value of 0.033, according to data from TradingView.
Over the past few days since November 5th, I’ve noticed some significant gains in the cryptocurrency market. As an analyst, I’ve been tracking the prices, and here are my findings: Ether, specifically, has seen a 17% increase, currently trading at around $3,107. On the other hand, Bitcoin has experienced approximately a 31% surge, placing its current value at roughly $90,423. These figures are based on the latest data I’ve gathered from CoinMarketCap.
Since Donald Trump was elected President, I’ve noticed a significant increase in investments into U.S.-based Ethereum Exchange-Traded Funds (ETFs). According to data from Farside, these ETFs have collectively received around $751.8 million.
Industry is split on Ether’s gain from Trump’s victory
On November 16th, as per CryptoMoon’s report, Ether dipped beneath its long-term support threshold relative to Bitcoin. This prompted several prominent analysts to suggest that Ether is experiencing a prolonged decline, or in simpler terms, they believe Ether might be slowly losing its vitality.
Yet, after the election results, ConsenSys CEO Joe Lubin appears more hopeful about Ethereum’s future longevity.
Lubin recently said that Ethereum is “poised to benefit” more from Trump’s presidential election victory than any other protocol.
Lubin stated that America has been heavily regulating Ethereum for an extended period, which has led to a lot of uncertainty and fear in the crypto community.
As a researcher, I find it noteworthy that compared to other ecosystems, this one is significantly larger and more developed, with the exception of Bitcoin, which, while also developed, has a more limited scope.
Marcin Kaźmierczak, a co-founder and COO at RedStone, indicated to CryptoMoon that the Trump administration might advocate for policies which could help DeFi (Decentralized Finance) transition from a specialty sector to widespread acceptance.
Read More
- CAKE PREDICTION. CAKE cryptocurrency
- FLOKI PREDICTION. FLOKI cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- DMTR PREDICTION. DMTR cryptocurrency
- OKB PREDICTION. OKB cryptocurrency
- TRAC PREDICTION. TRAC cryptocurrency
- OM PREDICTION. OM cryptocurrency
- ZIL PREDICTION. ZIL cryptocurrency
- Dandadan Shares First Look at Season Finale: Watch
2024-11-17 09:37