Tom Lee: Ethereum Still in a Supercycle

On October 26th, Tom Lee, the Chairman of BitMine which is the first Ethereum holding institution, stated in a post that "Ethereum (ETH) is still in a Supercycle." Most of the time, the price "leads" the fundamentals, but there are also occasions when the fundamentals lead the price. · The demand for stablecoins is surging. · The Ethereum transaction volume has hit a new all-time high. In an interview with CNBC, Tom Lee said: "Due to the impetus of stablecoins, both the Ethereum Layer 1 and Layer 2 networks are witnessing significant growth in activity. It's just that this improvement in fundamentals has not been fully reflected in the coin price - market pricing often shows a lagging effect. In my view, the continuous increase in on-chain activity actually provides a solid foundation for a major market price movement before the end of the year."