Tom Lee: Ethereum is still in a Supercycle.

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On October 26, Tom Lee, chairman of BitMine, the first institutional holder of Ethereum, stated that “Ethereum (ETH) is still in a Supercycle. Most of the time, prices 'lead' fundamentals, but there are also times when fundamentals lead prices. • Demand for stablecoins is surging • Ethereum's volume has reached an all-time high.” Tom Lee mentioned in an interview with CNBC: “Due to the push from stablecoins, Ethereum's Layer 1 and Layer 2 networks are experiencing significant growth in activity, but this improvement in fundamentals has not yet been fully reflected in coin prices—market pricing usually has a lag effect. From my observation, the continued warming of on-chain fundamental activity actually provides a solid basis for significant market changes before the end of the year.”

ETH2.93%
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