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Steno Research stated in a report on Thursday that the recent poor performance of Ethereum (ETH) may have come to an end, and ETH could shine again, both in terms of Fiat Currency Exchange Rate and BTC Exchange Rate.
The report pointed out that in the last altcoin season, ETH pumped significantly, and the ETH/BTC Exchange Rate pumped more than 1 times in less than two months. This shift was triggered by the surge in on-chain activities, including the prosperity of Decentralized Finance (DeFi), stablecoin issuance, and Non-fungible Token (NFT), all of which mainly occurred on the on-chain of the ETH network. The interest rate cut by the Federal Reserve earlier this week will lead to an increase in on-chain activities, which will greatly favor ETH network.