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In a surprising turn of events, macro economist Lyn Alden expresses her discontent with Ethereum’s post-election performance, marking her as a long-term skeptic of the cryptocurrency.
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Alden noted a significant discrepancy in Ethereum’s performance against Bitcoin, with Ether dropping after what was perceived to be favorable political news.
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In her own words, Alden reflected on the situation: “ETHBTC jumps, then falls. New lows after good news,” suggesting a concerning trend for Ether holders.
Lyn Alden critiques Ethereum’s performance post-U.S. elections, revealing surprises and concerns that the cryptocurrency may not thrive as expected.
Lyn Alden Confesses to Being a ‘Long-Term Ethereum Bear’
Lyn Alden reasserted her skepticism regarding Ethereum, especially given the recent political climate with Donald Trump’s administration, which she believed would be more favorable for cryptocurrency at large. Despite initial optimism, she highlighted the negative performance trend of Ether against Bitcoin after the presidential election.
Alden revealed, “I’ve been kind of a polite long-term Ethereum bear, but the post-election new low in ETHBTC is even more brutal than I expected,” emphasizing her disappointment as the ETH/BTC ratio hit multi-year lows.
Data from TradingView indicated that on November 15, shortly after the election, the ETH/BTC ratio plunged to 0.033, marking the lowest level since March 2021. In contrast, Ether’s recent price rise of 17% to $3,107 was overshadowed by Bitcoin’s impressive increase of approximately 31%, reaching $90,423 according to CoinMarketCap.
The current ETH/BTC ratio stands at 0.034, reflecting ongoing concerns amongst investors about Ethereum’s trajectory.
Industry Divided on the Future of Ether Post-Trump’s Election
The crypto industry appears divided on the implications of Donald Trump’s election victory for Ethereum. On November 16, analysts noted Ethereum’s slip below a critical support level against Bitcoin, provoking dire predictions about its future, with some suggesting it faces a “slow death.”
However, not everyone shares this bleak outlook. Joe Lubin, CEO of Consensys, articulated a more hopeful vision, stating that Ethereum is “poised to benefit” from Trump’s presidency more than any other blockchain protocol. He pointed out, “America has had its boot on the neck of Ethereum for a pretty long time, specifically Ethereum, and that’s caused a bunch of FUD.”
Lubin’s confidence is rooted in Ethereum’s maturity relative to other cryptocurrencies, stating that it carries significant competitive advantage. Additionally, Marcin Kaźmierczak, COO at RedStone, remarked that policies under Trump’s administration might help elevate decentralized finance (DeFi) from a niche category to mainstream adoption.
As Ethereum grapples with fluctuating price ratios and market sentiment, the arrival of new Ethereum whales has sparked questions about the cryptocurrency’s ability to surpass the $3.5K threshold. The uncertainty surrounding bullish and bearish perspectives only adds to the narrative of Ether’s evolving landscape.
Conclusion
In conclusion, Lyn Alden’s candid reflections on Ethereum’s performance post-election highlight the complexities and volatility inherent in the cryptocurrency market. With the industry split on future prospects, investors must navigate these waters with caution. While some see potential gains, others remain wary of Ethereum’s ability to sustain its value amidst changing political and economic conditions. Ongoing analysis will be essential for stakeholders as they seek to understand and forecast Ethereum’s evolving role in the crypto ecosystem.
