Ethereum Bullish in Long-Term, But Bitcoin Remains Uncertain
• Fidelity is bullish about the performance of Ethereum in the short term and long term, but not so much for Bitcoin.
• Ethereum has gained 60% of its value year-to-date (YTD). 46% of respondents think ETH will surpass Bitcoin.
• 70% of respondents believe BTC will return to its all-time highs within the next five years. 21% think SEC suing Binance and Coinbase could inhibit crypto adoption.
Fidelity Bullish on Ethereum
Fidelity is bullish about the performance of Ethereum in the short term and long term, but not so much for Bitcoin. According to a recent report published by Fidelity Digital Assets, the firm is positive regarding ETH in the long-term (more than 5 years). The anticipation around EIP-1153 is also giving way to excitement around the Ethereum network. At press time, it was trading at $1,908.
Americans Think ETH Will Surpass Bitcoin
A CryptoVantage survey revealed that 46% of its respondents think Ethereum will surpass Bitcoin. 70% of the respondents believe that BTC will return to its all-time highs within the next five years. At press time, it was trading at $29,986.
Ethereum Burn Rate Higher Than Issuance
Fidelity attributes its bullish outlook to a higher burn rate than issuance on the Ethereum network. In fact, more than 700,000 tokens have been removed from the network since September 2022’s Merge event. Since April 2020, total value locked (TVL) on the Ethereum network has fallen to its lowest level – 13.7 million ETH (worth $26 billion).
SEC Sues Binance And Coinbase
21% of CryptoVantage respondents think that U.S.’s Securities and Exchange Commission suing Binance [BNB] and Coinbase [COIN] could inhibit crypto adoption in America even further .
Overall, Fidelity has a positive outlook regarding ETH in both short-term and long-term scenarios while Americans are leaning towards an opinion that ETH may be able to overtake BTC as well as achieve new all time highs soon enough despite SEC’s actions against major exchanges like Binance and Coinbase