Going Up - The Daily Gwei #361
All time high has been hit, but have we *earned* it?
ETH just touched it’s all time high of ~$4375 which was last hit on the 10th of May 2021. It’s been quite the journey over the last few months with both bulls and bears in constant debate about whether the bull market was over or not. Well, I think we can safely say that it is definitely not over - in fact, the real bull market may just now be getting started.
Even though it’s only been around 6 months since ETH last hit all time high, the progress the Ethereum ecosystem has made has been astounding. EIP-1559 went live and has so far burned 588,000 ETH, the layer 2 rollout has picked up steam with almost $4 billion locked, the NFT market on Ethereum went absolutely bonkers, the roadmap for The Merge has come into much clearer view, we’ve had a resurgence of DeFi activity and so much more. This is why so many of us Ethereans are never bored even if the market is bearish - there’s just too much happening in the Ethereum ecosystem - after all, it’s an economy that never sleeps.
Though it hasn’t always been easy for us Ethereans and we’ve been through a lot over the years such as having to contend with hordes of people calling Ethereum dead, calling flagship products like DeFi a scam, suffering through a brutal 2018 where ETH lost 94% of its value, and then slogging through 2019 before finally being rewarded for all our hard work in 2020. All of these trials and tribulations have made the Ethereum community incredibly resilient and has given us a backbone to fight off all the continued bullshit that we endure even to this day. Hell, it’s a major source of motivation for me to keep writing this newsletter and doing my YouTube videos - I don’t want the bad information to win!
As ETH enters price discovery and continues its journey to $10k and beyond, there are people questioning if another long-term bear market (similar to 2018/2019) is possible. I’m personally in the camp that thinks the 2 year bear market is gone as I just don’t see it happening given how big crypto is now - we’re really not in Kansas anymore and I think the clearest case for that is what happened with the infrastructure bill and El Salvador making BTC legal tender - crypto is part of the geopolitical arena now. In saying that, I don’t think we’re in the “mass adoption” phase of crypto yet - far from it - we’ve still got lots more to build, billions of people to educate and onboard, and lots of different industries to disrupt.
Ethereum still has a lot more growth left in it - we really haven’t even seen anything yet - but this also means that we need to keep marching forward, keep building, keep educating and keep our wits about us. All of the bullshit that we’ve had to defend against so far is nothing compared to the fights that we’ll be having in the future - so let’s all do our best to ensure that Ethereum lives to see another day.
Have a great day everyone,
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All information presented above is for educational purposes only and should not be taken as investment advice.