When pouring ketchup from a bottle, first none’ll come, and then a lot’ll…
That seems to be a principal applied by Noelle Acheson at Coindesk to the current state of cryptocurrency, where Acheson, along with co-writer Christine Kim, cites the maxim “gradually, then suddenly.”
Although the writers find a nascent crypto boom to still be in the “gradual” phase, they suggest that the sudden rush toward cryptocurrency on-ramps will eventually come.
Citing PayPal, J.P. Morgan and hedge fund managers all embracing crypto, these analysts are positing bigger, better buy-in in the rest of Q4 and into 2021.
Various on-chain metrics, they suggest, show that momentum is gathering for these coins.
Acheson and Kim talk about declining volatility for Ethereum, Bitcoin network congestion, and an 80% decrease in ETH transaction fees during the month of October.
“Average transaction fees on Ethereum fell over 80% in October, retracing September’s sharp increase,” they write. “The percentage of miner revenue from fees also declined sharply from a high of 75% in September to 30% by the end of October. Both metrics suggest lower user and dapp activity on Ethereum as the hype around decentralized finance (DeFi) applications starts to ebb. This is a positive sign for the network, which in recent months has been pushed to its limits by the splashy debuts of new DeFi assets such as COMP, SUSHI and others.”
On the Ethereum side, there’s also the promise of new staking contracts.
“(An upward Ethereum) trend is likely to continue as staking gains popularity during Ethereum’s gradual shift to ETH 2.0 and the proof-of-stake consensus,” writes Martin Young at Cryptopotato. “Since it was officially announced earlier this week, 33,125 ETH has been staked on the smart contract according to the Eth 2 Launchpad.”
All of this portends eventual positive energy for these cryptocurrency front-runners. Think about this as you pursue a balanced financial program for 2021.
