- According to a recent report published by Fidelity Digital Assets, the outlook for Ethereum in the next 12 months and long term is positive.
- According to the report, the number of active Ethereum validators has increased by 15% in the second quarter. The expectation around EIP-1153 is also causing excitement for the Ethereum network.
- 70% of participants believe that the price of Bitcoin will return to all-time highs in the next five years.
According to Fidelity’s new report, the outlook for Etherum is very positive; Additionally, according to a survey involving American investors, investors have positive expectations for BTC and ETH.
Fidelity Releases New Crypto Report
According to a recent report published by Fidelity Digital Assets, the outlook for Ethereum in the next 12 months and long term is positive. The company is inclined towards investing in the leading alternative cryptocurrency (altcoin) for the short term (less than 1 year), but not as enthusiastic for the medium term (1-5 years). Overall, it has a positive perspective on ETH from a long-term (more than 5 years) standpoint.
This finding is part of the “2023 2nd Quarter Signals Report” published by Fidelity on July 18th. Fidelity attributes the bullish outlook to a higher burn rate in the Ethereum network than issuance. In fact, over 700,000 tokens have been burned from the network since the merge operation in September 2022.
According to the report, the number of active Ethereum validators has increased by 15% in the second quarter. The expectation around EIP-1153 is also causing excitement for the Ethereum network. This update brings a “temporary storage transaction code” that offers advantages such as improved efficiency and cost reduction.
Since April 2020, the total value locked (TVL) in the Ethereum network has reached its lowest level at 13.7 million ETH (worth 26 billion dollars). ETH has gained 60% in value since the beginning of the year. It is currently trading at $1,911.
46% of Americans believe Ethereum will surpass Bitcoin
According to a survey conducted on July 18th, 46% of participants believe that ETH will surpass Bitcoin (BTC). The survey was conducted among 1,000 Americans who have purchased some amount of cryptocurrency in the past five years.
70% of participants believe that BTC will reach all-time highs in the next five years. BTC has gained 80% in value since the beginning of the year. It is currently trading at $30,010.
The Fidelity report also states that Bitcoin is very positive both in the long term and the short term. 21% of the survey participants believe that the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Binance and Coinbase will have a negative impact on the future value of cryptocurrencies.
