Digital currencies such as Ethereum and Bitcoin are at the forefront of the increasing acceptance of crypto assets as decentralized currency. Nevertheless, a market expert posits that ETH may represent the true benchmark for decentralized money, offering unparalleled programmability and versatility compared to other cryptocurrencies.
Ethereum Offers More Than Just Decentralized Money
Anthony Sassano, an investor and the founder of Daily Gwei, has asserted that Ethereum (ETH) acts as decentralized currency, indicating its potential to revolutionize the global financial landscape. The expert describes ETH as a decentralized currency due to its reliance on blockchain technology, facilitating peer-to-peer transactions without requiring intermediaries.
Sassano emphasizes that ETH is self-governed, and it can only be taken from its owner through force or hacking. In contrast, he pointed out that the two most utilized stablecoins today, namely Tether (USDT) and USDC, are entirely centralized and possess embedded features for remote freezing, which compromises the idea of self-custody.
While stablecoins play a role within the vibrant Ethereum ecosystem, Sassano maintains that these stable assets will not compete with ETH as the decentralized and credibly neutral currency in the financial realm.
Despite the pronounced volatility of Ethereum relative to USD-pegged stablecoins, the expert believes that treating ETH as a long-term store of value allows for viewing its volatility as a speculative bet on its potential to be adopted as a favored payment method for both people and machines.
With all these considerations, Sassano is confident that ETH encompasses much more than merely decentralized money. Consequently, he encourages ETH holders to continue expanding the digital asset to achieve global scale.
ETH May Be Poised for a 2019-Reminiscent Surge
Currently, ETH is displaying indicators of a possible upward trend following a recovery from a dip to the $2,500 mark. Analyzing the altcoin’s price movements over recent weeks, Benjamin Cowen, a crypto analyst and CEO of Into The Cryptoverse, has predicted a potential progression similar to the pattern from 2019 using the 1-week timeframe.
According to Cowen, should ETH adhere to the 2019 model, it might rise to its Bull Market Support Band (BMSB) only to face rejection from the band when updated information about the labor market is released. Such a trend could reignite fears that the Federal Reserve (Fed) has delayed its actions too long.
Nevertheless, if the altcoin fails to gain enough momentum to reach its bull market support band, Cowen anticipates that ETH will first connect with the trend line depicted in his chart. This creates the possibility of ETH touching its BMSB before declining below the trend line, reminiscent of the 2019 pattern.
Featured image from Unsplash, chart from Tradingview.com
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