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#crypto #bitcoin #investing

Photo Credit:

[[edited under fair use]]

Welcome back and yes I was wrong about ethereum and I’ve re-entered and opened an ethereum position as we’re entering 2024 and potentially entering the super cycle period for the crypto markets and in today’s video I’m going to explain why I was wrong about ethereum I mean I

Wasn’t really wrong but why my thesis has changed why my viewpoint on the ethereum ecosystem has changed and why I’ve entered a position in ethereum this is the cryptoviser podcast we talk about everything crypto blockchain and investing every single day of the year since 2018 so make sure you guys are

Subscribed to the channel give the video an absolutely free thumbs up and let’s get right into today’s topic ethereum now you guys know uh at the beginning of 2022 I sold most of my uh my profits and holdings of ethereum and cardano as the market was rotating into the bare Market

Thousands and thousands of people unsubscribe for my channel cryptoviser you’re wrong we’re not rotating into a bare Market the bull market has extended for six more months this YouTuber said it this YouTuber said it and guess what they were all wrong and the cryptoviser here was right and it’s not about being

Right or wrong it’s really about just being able to adjust and change your investment thesis and strategy and so now entering into 2024 just looking at the actual metrics of these markets ethereum is significantly larger in terms of total value locked in Defi and no other project even comes close now we

Are going to be talking about Solana in this video a little bit so let’s just compare ethereum to Solana Solana has about $1.45 billion of total value locked you can see that number right here and ethereum has 20 basically $29 billion lock so if we take 29 billion and we

Divide it by 1.45 billion so we take the ethereum tvl and divide it into the E uh sorry we take the Solana tvl divide it into the ethereum tvl that means that ethereum is 20 times larger in tvl than Solana but if we look at the metrics within the Solana ecosystem as of

Recently Solana’s price has done effectively a 10x or 1,000% in just the last 30 days uh really year but yeah 30 days as well I mean we’ve gone up sub substant Ally $115 that comes from a low of $8 back at the FTX collapse in November of 2023 so

You can see one year in the end of December 2022 up till now we went from $11 to $115 which is effectively a 10x and why is Solana doing a 10x and effectively the ethereum price has barely moved in 2023 well obviously I think that there is some price suppression going on right

Now in ethereum I also think that we will eventually see the market rotating out of salana right profit taking out of salana and then it’s going to be probably into some other currencies uh so yeah we look at the ethereum yearly value from $1,200 in the end of 2022 and now we’re

At $2,200 end of 2023 so basically it just doubled but meanwhile the tvl metrics are significantly larger the transaction volume you could see the volume Within ethereum is almost N9 billion dollar Solana is close with s billion but not even there so Solana keeps parabolically moving higher and ethereum is

Effectively flat now some of this could have to do with the fact that we’ve had a lot of changes in ethereum over the last few years this could also be because uh a lot of retail is not really focused on etherium right now because the they’re waiting for the

Institutional interest with the ethereum ET FS which won’t come until after the Bitcoin ETF if that’s even approved and so there may be a lot of waiting going on but in my view when everybody’s focused over here you need to look over there and see where the opportunity is

So when we’re talking about the markets everybody’s been talking about Solana everywhere all over Twitter all over YouTube all over social media Solana Solana Solana Solana so everybody’s focused over here and nobody’s paying attention to ethereum or therefore the layer shoes on ethereum like polygon and

Uh optimism and stuff like that some of those have not been have been underperforming Solana as well well uh one of the other reasons that I entered into a position is because now we’re starting to hear right by the rumors sell the news well we’re starting to get these rumors that

Ethereum’s Denon upgrade will be implemented on the Gorly test net on January 17th basically about 2 to 3 weeks from when I’m recording this video and then the sapoia test net and the hsky test Nets will be implemented as well in the following weeks and that will put the final test net

Implementation of the denen or Cancun and denb upgrade going into effect on February 7th now we don’t have a full main net date yet but I do think that combined with what we’re seeing in the debt Market what we’re seeing in the with the presidential election cycle

Starting to really get go underway and with the Federal Reserve in their point where they’re beginning to Pivot they’re going to get close to cutting rates but I don’t think they’re going to cut rates until something breaks and they may actually increase rates we saw this

Happening in 2020 as well 2019 the debt Market was very wobbly into 2020 at the beginning of 2020 the markets stock market and crypto markets were reaching new all-time highs into the middle of February until the Federal Reserve said we’re not going to lower rates because

The the market is doing well well and the econom is doing well and then two weeks later beginning of March Federal Reserve came out after two weeks of the market dropping and said that they’re going to do emergency rate Cuts two weeks after they announced the emergency

Rate cuts the market bottomed and the economy was shut down for the pandemic so we’re kind of on the same timeline as we are right now and to understand that ethereum is now inserting these upgrades before this kind of March time frame could indicate that we’re going to see

Some higher move in January and end of January into February for some of these uh assets that are not performing at the current time that could be a great indicator for where we’re going we also saw a prominent crypto Trader who or I should say Equity Trader he’s been a

Prop Trader since 1975 Peter brand just recently made a bearish call and a short position on ethereum and then just days later he has withdrawn his bearish Outlook based on chart structure Peter bran said strong opinions are weakly held um not like days of the week but weak in terms of strength when

Circumstances change he says my opinions change my recent appraisal of ethereum called for an immediate price collapse that has not happened and he’s withdrawn his bearish Outlook based on the chart structure so he was basing it on this ascending wedge um I don’t think this is ascending trial I think this is

Ascending wedge and you can see it’s at the upper band and he was basically betting that it was going to do what happened over here hit the upper band and then drop up here hit the upper band and then drop and that’s not what happened ethereum actually broke through

And I think some of this breakthrough uh also has to do with what’s going on with Solana right because there is already rotation happening we heard from Arthur Hayes already who said that he dumped his Solana bag and he wrote it all the way up from effectively $20 all the way

To $115 or $110 and he bought more ethereum and is now calling for an ethereum of $55,000 and so that would be a doubling from here remember Solana is 10x already so when some of that value and profit is drained out of Solana where is that

Money going to move is it going to just go to stable coins it going to go to other alt coins or is it going to go to the megas like polygon and ethereum that’s one of the reasons that I have opened up my position in ethereum at

This point and again I haven’t held ethereum for almost two years at this point Ral pal also posted this chart and saying he said that he think ethereum outperforming Bitcoin will be a key macro trend of 2024 and uh believes that their their work at xam suggests that this is going

To be true he also said that um only in our weird and wonderful world Corner crypto corner of the world can ethereum do 100% and everyone is utterly miserable because Solana went up 1,000% which is true everybody’s focus on Solana right now and uh I think that

This is the time to be focused on other assets that are not performing as well because these are being suppressed and when we see the market starting to rotate we may see ethereum go up maybe we won’t but I’m counting on that happening based on all of the things

That we discussed and more right we cover crypto every single day on this channel so make sure you guys are subscribed also don’t forget to give the video a free thumbs up that way it it’ll tell YouTube you like these videos and they’ll show you more of them in your

Feed uh so give the video a thumbs up hit that subscribe button and I really want to know what you guys think down below do you think that this Denon upgrade from January to February is going to be buy the rumor sell the news event do you think it’s going to be a

Non-event and how do you think this is going to play in terms of crypto staking crypto tvl in terms of total value locked right ethereum is still the number one staking platform in the world now it is very in line with cardano’s reward structure in terms of percentage

But Solana is paying out almost double what ethereum is paying out in rewards so this is potentially part of the reason that we see a larger a larger percentage of staked Solana than we do with Stak ethereum um and I’m sure there’s a lot of other metrics involved there as well but I

Want to know what you guys think are you holding ethereum and if you are or are not are you also holding layer twos and are you holding Solana at this point at $115 at a more than 10x in just the last one year or have you taken profits or

Re-entered a position let me know what you’re doing down below in the comments of the video remember nothing I say is financial advice these are just my opinions strategy and thesis in the market I could be wrong about anything and everything that I say and this

Information may not be up to date by the time you’re watching this video so give the video a thumbs up I’ll see you guys tomorrow invest responsibly do your own research and crypto on