Bitcoin tests $64,000 as BoJ pauses rate hikes

Ether may be about to shine after underperforming the broader crypto market this year, according to a new report from Steno Research. ETH has gained about 8% this year compared to BTC’s 40%. However, ether’s performance during the last bull market could provide some clues as to what to expect now. ETH rose due to higher onchain activity from DeFi, stablecoin issuance and NFTs. The Federal Reserve’s interest rate cut earlier this week will result in increased onchain activity, which will strongly benefit Ethereum, Steno said. “Ethereum’s active addresses remain strong, especially when factoring in the growing adoption of packet stacks,” analyst Mads Eberhardt wrote, adding that the network’s transaction revenue appears to have bottomed out in August.