Ethereum's Supercycle Continues Amid Rising Stablecoin Demand

According to BlockBeats, BitMine Chairman Tom Lee has stated that Ethereum (ETH) remains in a supercycle. He noted that while prices often lead fundamentals, there are times when fundamentals can outpace price movements. Lee highlighted the surging demand for stablecoins and record-high Ethereum transaction volumes as key indicators of this trend. In an interview with CNBC, he explained that the Ethereum Layer 1 and Layer 2 networks are experiencing significant growth in activity, driven by stablecoin adoption. However, this improvement in fundamentals has not yet been fully reflected in the cryptocurrency's price, as market pricing typically lags behind. Lee observed that the ongoing increase in on-chain activity provides a solid basis for potential major market shifts by the end of the year.