The Wall Street bullish report and DEX ShibaSwap launch fuels ETH prices at the moment.
ETH has been trying to rally recently, even as the entire crypto market stalls. The prominent alternative coin increased by over 3% over the past 24 hours. Also, the asset has added over 10% in the past week.
It seems like investors are using any available catalysts to ensure bullish moves. At the moment, Ethereum receives massive support from the bullish report by Wall Street and the decentralized ShibaSwap launch.
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ShibaSwap Promotes Ethereum Demand
ShibaSwap utilizes Ethereum blockchain. Ethereum network supports ERC-20 assets and uses ETH for transaction purposes, like gas fees. For now, the platform longs for the completion of ETH v 2, which would lower transaction charges and ensure quicker operations.
The ShibaSwamp launch will increase ETH’s use cases. ShibaSwap joined the market on 6 July. At the same time, DEX has $1 billion in TVL (total value locked) on the trading platform.
With the increased demand to swap and trade meme coins like BONE, LEASH, and SHIB, ShibaSwap has proved to have high gas fees. Social media sources suggest that DEX ranks in the top three as far as gas usage is concerned. Recently, ShibaSwap ranked 8th on ETH Gas Tracker.
Store of Wealth Argument
The BTC VS. ETH debate has been in the market for a long time. Wall Street joins the discussion as the entire cryptocurrency market experiences downtimes.
Investors are active as BTC trades beneath $35K. Goldman Sachs joins the chorus.
According to sources, Goldman Sachs published a report suggesting that Ether is the better option on the store-of-wealth subject. Usually, BTC competes with gold over this. However, Ether is in the fray now.
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The Wall Street Company thinks that Ethereum has more use cases, thus fitting the equation. Keep in mind that Ether attracts more investors due to its ‘smart’ contracts usage. Goldman Sachs sees the possibility to take Ether higher than the leading coin, Bitcoin.
Also, the analyst noted that volatility would keep gold ahead of the two cryptos. Moreover, Ether indicates enough catalysts for a bullish outlook.
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