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Tom Lee: Ethereum Still in a Supercycle
BlockBeats News, October 26th, Tom Lee, Chairman of BitMine, the first Ethereum holding institution, stated in a post that "Ethereum (ETH) is still in a Supercycle."
Most of the time, the price "leads" the fundamentals, but there are also times when the fundamentals lead the price.
· Stablecoin demand is surging
· Ethereum transaction volume hits a new all-time high."
In an interview with CNBC, Tom Lee said: "Due to the drive of stablecoins, both the Ethereum Layer 1 and Layer 2 networks are experiencing significant growth in activity, just that this improvement in fundamentals has not been fully reflected in the coin price - market pricing often exhibits a lagging effect. In my observation, the continued rise in on-chain activity actually provides a solid basis for a major market price movement before the end of the year."
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