Ethereum Gains 19% This Week as EIP-1559 Boosts Demand

Ethereum proponent Sassal has revealed that the Ethereum Merge, the upgrade initiated for Ethereum’s transition from Proof of Work (POW) to Proof of Stake (POS), and the EIP-1559 upgrade, designed to change Ethereum’s network fees and processing structure, along with Ethereum’s last burn, are bringing long-awaited positive results to the network.

Following these three events, the market player observed the presence of a bear market that prevented ETH from attracting new macro buyers, thus underperforming its competitor, Bitcoin. Sassal explained that the tides have since changed, stating, “Now, ETH *is* capturing the macro buyers in a really big way mainly via the ETFs and the treasury companies (and we’ve only just begun here) + Ethereum has firmly captured the meta of stablecoins/tokenization and companies building their chains as L2’s.”

With the presence of macro buyers, the bids for ETH are higher and more attractive, and this development is especially notable as ETH’s supply is “extremely limited,” the Ether proponent added. Remarkably, ETH ETFs have outperformed over the last 10 days—a development that has contained all the net issued ETH since the Merge, Sassal noted.

Further breaking down his long-term outlook for Ethereum, Sassal stated that the increase in demand for ETH, as evidenced by the presence of institutional players, once paired with an increasing ETH burn, could reduce the number of ETH available for purchase amongst ETFs interested entities, all while Layer-1 and Layer-2 network scaling continues. “I don’t think I’ve ever been this bullish on ETH – the stars have never been this aligned for it and all of this is extremely reflexive to the upside. ETH to $100 trillion isn’t just a dream – it will be reality!” He added.

His bullish assertion comes as Ether bulls close off the week with an impressive performance. With over 19% worth of gains attained this week, Ether is trading at a press time price of $2,990. Sassal's optimistic outlook is based on the recent developments in the Ethereum network, including the successful implementation of EIP-1559, which has led to a significant reduction in the supply of ETH. This, coupled with the increasing demand from institutional investors, has created a bullish sentiment for the cryptocurrency.

Sassal's prediction of Ethereum's market value reaching $100 trillion is based on the assumption that the current trends will continue. He believes that the increasing demand for ETH, coupled with the decreasing supply, will lead to a significant increase in the price of the cryptocurrency. However, it is important to note that this is a long-term prediction and is subject to market volatility and other external factors.

In conclusion, Sassal's bullish outlook on Ethereum is based on the recent developments in the network, including the successful implementation of EIP-1559 and the increasing demand from institutional investors. While his prediction of Ethereum's market value reaching $100 trillion is ambitious, it is based on the current trends and the potential for further growth in the cryptocurrency market. However, it is important to remember that the cryptocurrency market is highly volatile and subject to external factors, and investors should exercise caution when making investment decisions.