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Author: David Hoffman, Source: Bankless, Compiler: Shaw Bitcoin Vision
About two years ago, Ryan and I got on the phone with Chris Burniske, who we had just recorded a podcast episode with.
In the cryptocurrency space, Chris has been a mentor to Ryan and I since we both entered the cryptocurrency space to try to understand, classify, define, and model this inherently unknown industry.
He said something on the phone that neither Ryan nor I wanted to hear: “This cycle may skip Ethereum directly.”
In the end, that’s exactly what happened.Setting aside debates about cycle dynamics and timing,Much of the activity on the chain over the past few years has not been related to Ethereum, and the price of Ethereum reflects this.
I think this is probably how Bitcoin holders will feel in 2021.Bitcoin has performed well during the NFT craze – it is seen by institutional investors as a hedge against currency devaluation and government fiscal mismanagement.ButIn terms of retail market favor and on-chain activity, Bitcoin is dismissed as an outdated cryptocurrency..
You can’t do anything on Bitcoin, all trading activity is concentrated on Ethereum.During the last cycle, Ethereum was the absolute star.
This latest wave of developments in the cryptocurrency space has replicated the same pattern, exceptIt’s Ethereum that’s been overlooked this time, while all the activity is focused on Solana.Notably, Bitcoin has also seen a major comeback in terms of cultural influence and popularity.
Despite some much-needed repairs to Ethereum, overall market sentiment has never truly returned to optimism——Maybe it’s just getting rid of despair.Digital Asset Treasury (DAT) delivers a major win for Ethereum this cycle, even though we are now experiencing its negative impacts.
But all in all…the skip cycle for Ethereum appears to be over.
Although Ethereum’s market share and momentum have declined, it remains the number one smart contract chain by a wide margin.No other chain poses a threat to it.And, unlike every other smart contract chain, only Ethereum has an origin story similar to Bitcoin’s —A perfect ICO, a chaotic start, and the Ethereum Foundation’s completely uncorporate operating model.
Ethereum has a feature that cannot be replicated by any other blockchain – in the ocean of high-performance smart contract chains… there will always be only one Ethereum.
Gearing up for 2026, Larry Fink’s Economist article on tokenization paves the way for Ethereum to enjoy a cultural renaissance like Bitcoin did at the end of a cycle that didn’t involve Bitcoin.
I remain cautiously optimistic…andIn 2026, there are many favorable factors that may appear in Ethereum’s favor.Let’s wait and see.
