Digital currencies like Ethereum And Bitcoin are paving the way for the growing recognition of crypto assets as a decentralized currency. However, one market expert believes that ETH could be the true standard of decentralized money, offering unparalleled programmability and flexibility compared to other cryptocurrencies.
Ethereum is much more than decentralized money
Anthony Sassano, investor and founder of Daily Gwei, claimed that Ethereum (ETH) is a decentralized currency, suggesting its ability to transform the global financial system. The expert declares the decentralized currency ETH because it is decentralized and powered by blockchain technology, allowing the execution of peer-to-peer transactions without the need for intermediaries.
According to Sassano, ETH is self-governed and the only way to take it away from its holder is either by force or hacking. On the other hand, the investor pointed out that the two most used stablecoins in circulation today, such as Tether (USDT) And USDCare fully centralized and have built-in remote freezing capabilities while making them self-contained.
Even though stablecoins serve a purpose in dynamics Ethereum ecosystemSassano asserts that stable assets are not and will never be a rival to ETH as a decentralized and credibly neutral money in the financial landscape.
Despite Ethereum’s Notable Volatility Against USD stable coinsThe expert noted that when using ETH as a long-term store of value, its volatility can be seen as a future bet on the altcoin’s potential to become the preferred payment method for humans and machines.
Considering all of this, Sassano is convinced that ETH is much more than just a decentralized currency. As a result, he urged ETH holders to continue scaling the digital asset until it reaches a global scale.
ETH Could Be Prepared for 2019-Like Performance
Currently, ETH is showing signs of a potential upward trend after recovering from a decline to the $2,500 level. Looking at altcoin price action over the past few weeks, Benjamin Cowen, crypto analyst and CEO of Into The Cryptoverse, said predicted a possible development similar to that observed in 2019 using the one-week time frame.
According to the analyst, if ETH follows the 2019 pattern, it could reach its bull market support band (BMSB) and then be rejected from the band when more information on the labor situation becomes available. This trend may revive concerns that Federal Reserve (Fed) Maybe I waited too long.
However, in the event that the altcoin fails to gain enough momentum to reach its bull market support band, Cowen expects that ETH to first check the trend line shown in its chart. This triggers ETH’s potential to set its BMSB before falling below the trendline similar to the 2019 pattern.
Featured image from Unsplash, chart from Tradingview.com
