Ethereum will benefit from FTX situation

the_phallus_of_joy
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Ethereum will benefit from FTX situation

The cryptocurrency market's 20% drop between November 7 and 9 was devastating, with most assets falling to multi-year lows. The same can be said for Bitcoin, which has fallen below $16,000. But, have you noticed that Ethereum's story was pretty different this time?

The second biggest cryptocurrency has not hit a new low and even managed to gain some support prior to hitting the 2022 low of $880. For now, Ethereum is trading at $1,270, which technically makes it one of the most resilient digital assets during this week's market, and there are a few reasons for it.

I must admit that I started panicking when I first see how's this going on, the situation became pretty bad, even though I use Metis, I was curious how will it affect ETH price, gas fees price, transaction speed, and all these popular ETH problems but it seems like everything went well if we consider the situation which is not good at all.

You've noticed that one of its main ETH competitors, SOL, has been completely destroyed on the market, with millions of coins leaving the ecosystem. SOL has lost 44% of its market value since the start of the FTX crash.

As a result of the market panic, users have been actively moving their ETH and ERC tokens across different exchanges and wallets, causing a surge in network activity and, as a result, an increase in burning volume, rendering Ethereum completely deflationary.

Do you think that this might be actually a chance for ETH to skyrocket?