Guy, the pseudonymous host of Coin Bureau is listing five big reasons to be bullish on ETH, positing whether Ethereum could eventually become as big as tech giant Microsoft.

In a new video, the widely followed analyst names Ethereum’s recent EIP-1559 upgrade, which puts pressure on the supply of ETH by burning a portion of the gas fees rather than giving them to miners, as one important bullish catalyst.

He also lists the upcoming Ethereum 2.0 upgrade, bullish on-chain signals, Wall Street adoption, and the highly optimistic options prices as reasons to be an ETH bull.

“It’s hard to take [a] look at all these fundamental factors and not be incredibly optimistic about [Ethereum’s] future. The London hard fork has shown just how smoothly the Ethereum community can execute fundamental protocol upgrades. It was a great demonstration of what we could expect to see when the 2.0 upgrades start being rolled out. With that proof-of-stake merge, we’re going to see ETH become ultra sound money, money that will have a deflating supply year on year, day by day, block by block. 

And it seems as if most of the crypto community agrees. ETH is being stacked, staked, and otherwise removed from the open market. It’s being held as a rare store of value that will be in much shorter supply one year from now. And of course, it’s not only us that are trying to Hoover up that ultra sound money. Institutions are chomping at the bit, or should I say ETH, as they continue to accumulate more of it. This is a theme that I don’t see slowing down anytime soon.

Taking all of these factors into account, I can see why options expiring next year have such high strike prices. Market momentum is on our side, and the ETH bull is not running out of steam.” 

Guy asks his 1.24 million subscribers if it’s really hard to believe that Ethereum could have a market cap as big as Microsoft.

“If ETH was at $17,000, that would give it a market cap equivalent to that of Microsoft. Is that inconceivable knowing exactly what Ethereum will one day be powering?” 

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Featured Image: Shutterstock/Ana Aguirre Perez

TL;DR Breakdown

• NFT adoption increases in China while Beijing bans cryptocurrency trading.
• Alibaba could increase the adoption of the non-fungible tokens after the September auction.

The e-commerce, Alibaba Group, opened its market for NFT trading with an auction. The successful company has created a platform for musicians, software developers, writers, and artists to endeavor to sell their non-fungible tokens.

These auction website developers have used various non-fungible tokens within the service. The auctions will start in September, although there is no specific date for the big event in Asia. The auctions will start with a minimum price of 100 yuan, which would correspond to about $15. Individuals who want to engage in the auction must deposit at least 500 yuan ($77).

Alibaba Group takes advantage of the NFT trend

Unsurprisingly, China’s largest store, Alibaba Group, has taken advantage of the NFT boom in art and other global trends. These non-fungible tokens are backed by Blockchain technology and there is an exclusivity of virtual art pieces.

NFTs made a comeback after their adoption was in a stalemate earlier in the summer. The non-fungible token trading volume has increased in recent days.

The auction will feature a unique piece of the Sichuan monument. In the same way, the host will present the paintings focused on Star Wars and favorite video games such as Grand Theft Auto and Wasteland 2. According to the South China Morning Post reporter Josh Ye, this non-fungible tokens auction brings many new features.

Ye suggests that he is not sure if the auction is properly licensed. The non-fungible tokens will be stored in the copyright Blockchain that the Committee in Sichuan manages. These tokens can be saved and viewed in Bit Universe, which is an app for social networks in China.

Non-fungible token market gains momentum in China

Non-fungible tokens have gained priority in China, despite the government having banned cryptocurrency trading in the country. In June, authorities in Beijing appeared to be friendlier to NFTs and in the same month the SCMP newspaper announced that China is trying to take advantage of Blockchain technology.

The financial agencies associated with the Alibaba Group have created several non-fungible token auctions since the summer began. Even the SCMP magazine has also created its tokens, and they had a good experience at the auction.

The Chinese company Tencent also joined the NFT movement at the beginning of August. This company in Asia dared to sell audios from a very popular talk show in the nation. Everything indicates that non-fungible tokens within China will not be regulated, hoping that the sanctions against Bitcoin will be lifted.

The price of Solana ($SOL) has briefly surpassed the $70 mark to hit a new all-time high above $77, as the cryptocurrency outperformed other top cryptocurrencies over the last 48 hours thanks to growing interest in its decentralized finance (DeFi) ecosystem.

TradingView data shows the cryptocurrency is up over 150% in the last 30 days, and over 65% in the last two days. After hitting its new all-time high, SOL’s price dropped slightly to now trade at $65.5.

The cryptocurrency’s price has been surging, as Business Insider reports, because a number of projects developing on top of its network have recently received capital inflows. Decentralized exchange Mango markets, for example, raised $70 million in a token sale last week.

Speaking to the news outlet Seth Ginns, managing partner at CoinFund, revealed there has been a lot of activity on Solana’s network because of the launch of a popular non-fungible token collection called the Denegerate Ape Academy.

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The digital art collection sold on a marketplace on Solana, which Ginns says is also attracting developers. He said:

It’s increasingly seen as one of the go-to blockchains for developers.

Serum, a decentralized exchange founded by cryptocurrency billionaire Sam Bankman-Fried, who’s also the CEO of cryptocurrency exchange FTX, is also built on top of the Solana blockchain.

Data from its blockchain shows Solana’s network has processed over 24 billion transactions so far and has been consistently handling over 1,400 transactions per second.

DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT
Featured Image via Pixabay