On September 20, Steno Research said in a report on Thursday that Ethereum (ETH)’s recent poor performance may be over, and ETH may shine again, both in terms of fiat currency exchange rate and BTC exchange rate.
The report pointed out that ETH rose sharply in the last round of Altcoin season, and the ETH/BTC exchange rate rose by more than 1 times in less than two months. This shift was triggered by a surge in on-chain activities, including decentralized finance (DeFi), stablecoin issuance, and the boom of non-fungible tokens (NFTs), all of which mainly occurred on the Ethereum blockchain. The Fed's interest rate cut earlier this week will lead to an increase in on-chain activities, which will greatly benefit Ethereum.
