May 3rd 2021 - Ethereum's Symbolic Victory
Ethereum has reached another important psychological milestone in terms of price by rising over 3000 US$. This new record looks like a really impressive achievement, considering that roughly one year ago you could have buy an Ethereum for around 120 US$ (with some exchanges even flirting with 90 US$ during the Black Thursday). It is even more impressive if compared with Bitcoin, which had its first red candle month after a while.
So, just like it became obvious that we are in another bull run, it is now obvious that we are entering the another altcoin season. Bitcoin’s dominance among cryptocurrencies is slowly but inevitably going towards 50 pct threshold. If bull run continues, it would be Ethereum and other altcoins lifting Bitcoin up instead Bitcoin lifting everything else up, as it was the case.
There are even some euphoric Ethereum maximalists that claim that the “flippening” will occur before the end of this bull run, and that Ethereum will replace Bitcoin as the prime cryptocurrency in terms of market cap. Yet, with all this optimism and euphoria, fact remains that Ethereum nowadays serves little practical purpose unless you are a crypto whale and you can afford atrociously high transaction fees to perform even the simplest of tasks like exchanging cryptocurrencies at DEXes or merely moving your Ethereum holdings from one wallet to another.
Unless this practical problem of Ethereum is resolved, all the victory laps over this or that price record will have little meaning.
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