According to Lark Davis, thanks to these 4 catalysts, the ETH could explode
In one Video Recently trader and influencer Lark Davis pointed out 4 catalysts that could spark a big rally for ETH price in the near future.
Dealer Lark Davis
The first catalyst is that ETH has about 200,000 more daily active addresses than Bitcoin. The popular analyst also highlighted the slow but steady upward trend in the number of daily active ETH addresses.
Davis said the increased on-chain activity was due to ETH having a large number of use cases compared to other crypto assets.
“You can do so much more with Ethereum, right? You can get into decentralized finance (DeFi), buy non-fungible tokens (NFT) or send stablecoins or whatever else you want to do on Ethereum. “
The analyst also pointed out that Twitter is currently using the Ethereum network to coin NFTs, although CEO Jack Dorsey has long been known as a bitcoin maximalist.
“That is really sensational. Twitter CEO Jack Dorsey is known to be a bitcoin maximalist but uses Ethereum. Twitter gave away 140 free NFTs … which shows they are using Ethereum. Despite all of Jack Dorsey’s rhetoric that Bitcoin was the best in the universe, Twitter didn’t buy Bitcoin to reserve for the company while it was using Ethereum.
Davis said another catalyst that could spark a massive Ethereum run is the SEC’s approval of an Ethereum Exchange Traded Fund (ETF).
“A new Ethereum ETF application has been launched. This can lead to an incredible surge of liquidity in these markets. If the SEC approves an Ethereum ETF or two this year, it will immediately mean that any traditional investor and large fund that has never bought Bitcoin and ETH outside of the open market can easily launch a BTC ETF or ETH ETF on their retirement accounts. “
Eventually, Davis notes that nearly 6 million ETH has been tied into the Ethereum 2.0 deposit contract, which means that most of the ETH offering has been blocked.
“Almost 6 million ETH were invested in Ethereum 2.0. So many trust the ETH 2.0 network … You have to keep in mind that locking your ETH on a staking contract is a one-way trip. It goes in and doesn’t come back. “
According to Dailyhodl