Someone just DMed me a question: “Hey isn’t GTC up 20% in the last month? I dont think it’s in a downward spiral”.
I’m answering this question here publicly so I don’t have to repeat it..
Hey isn’t GTC up 20% in the last month? I dont think it’s in a downward spiral
The first half is a great factual observation, but I dont think the 2nd assertion is true.
GTC/USD is up 20% in the last 30 days
But GTC/ETH is flat or trending downwards (last 30 days)
And GTC/ETH is flat or trending downwards (last 1 year)
What conclusions can we draw from this data?
GTC/USD is a very low liquidity market in between ETH/USD and GTC/ETH.
The upward price on GTC/USD is due to ETH/USD recovering.
The flat/downward price on GTC/ETH is a sign that people who are more deeply involved in the Ethereum Ecosystem (ppl who hold ETH - like most of Gitcoin’s contributors, token holders, stewards) do not think that GTC is a better hold than ETH or other ETH-based assets.
TLDR I think a medium/long term reversal on GTC/ETH is a sign of this upward spiral.