Fidelity: Ethereum’s long-term outlook bullish, but Bitcoin…
- Ethereum has gained 60% of its value year-to-date (YTD).
- Another CryptoVantage survey revealed that 46% of its respondents think Ethereum will surpass Bitcoin.
The firm is bullish on the premier altcoin in the short-term (less than a year) but is not so enthusiastic in the mid-term (1-5 years). Overall, it has a positive outlook regarding ETH in the long-term (more than 5 years).
The finding is a part of the “Q2 2023 Signals Report” published by Fidelity on 18 July.
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 the Merge in September 2022.
According to the report, the number of active Ethereum validators increased by 15% in the second quarter.
The anticipation around EIP-1153 is also giving way to excitement around the Ethereum network. The update brings with it “transient storage opcode” that offers benefits such as improved efficiency and cost reduction.
Since April 2020, the total value locked (TVL) on the Ethereum network has fallen to its lowest level, at 13.7 million ETH (worth $26 billion).
ETH has gained 60% of its value year-to-date (YTD). At press time, it was trading at $1,908.
46% Americans think Ethereum will surpass Bitcoin
CryptoVantage released the results of a survey on 18 July that reveals that 46% of its respondents think ETH will surpass Bitcoin [BTC]. The survey polled 1,000 Americans who had bought at least some cryptocurrency in the last five years.
70% of the respondents believe that BTC will return to its all-time highs within the next five years.
BTC has gained 80% of its value YTD. At press time, it was trading at $29,986.
The Fidelity report is also very bullish about the king coin both in the long-term and short-term.