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Bitcoin has broken above $100k yesterday and Ethereum has gone parabolic moving 30%+ in the last 24 hours. Altcoins, memecoins and even DeFi blue chips like Uniswap and Ethena are outperforming. So what is going on?Ethereum experienced a massive shift in sentiment as it underperformed Bitcoin, really since the ETF’s went live in 2024 and Saylor ramped up his Microstrategy flywheel. The Ethereum foundation was restructured, there was infighting, all the stuff you expect to see at a struggling/failing project. Doubts crept in. Would Ethereum become the Netscape of web3 or will it go on to become the global shared computer for the world? The gainzy rant on social media really captures the sentiment well. Meanwhile Ethereum is still the leading smart contract platform by some way across all metrics that matter. At some point the market pendulum will swing and it never spends too much time at the extremes. Perhaps the bottom is in, perhaps not, but sooner or later a smart contract platform is going to capture the attention of the world. That might be with the release of a decentralized social network, a permissionless gambling product or something entirely new that we haven’t thought of yet. Currently the best positioned asset to capture that upside is Ethereum and a lot of shorts have been caught offside in this move. The asset that everyone loved to hate might just become a darling once again and in hindsight it will have been obvious. Dev Diaries Episode 2 is live on YouTube 📺
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