Probably because ETH is moving from a POW (proof of work) to a PoS (proof of stake) consensus algorithm with a minimum of 32 ETH required to stake, and a lot of people are buying it at these low prices so that they can start staking soon
This has been said for forever, still nothing. I doubt anything will change.
LOL.
POW is where workers rule.
POS is where rent seekers rule.
You can never create sustainable economy where rent seekers rule!
Ethereum was created as a coin of the people that don't understand monetary theory by the people that don't understand monetary theory for the people that don't understand monetary theory!
I agree, however, I worry that current rent seekers (which are dominant in the current economy) will simply transplant themselves onto POS, thereby strengthening it.
On an individual level maybe you hedge some of your value into that situation, but if you recognize the true value as POW, and you largely invest in POW, then likely you are going to experience value appreciation in your POW investment. The snake oil salesmen are not likely going to make it easy for you to distinguish the real value from the snake oil, right?
hey, do you mine btc or did you ever mine or run a node?
if yes, then kudos, and if not, then you are riding someone else's train here, I am sorry to say.
In order to support btc network (POW) by mining you have to have roughly one S9 (13.5 TH/s) per each 5 BTC that you might have (at this very moment).
Anything else, and you are contributing less than your claim on the network, therefore some third party have more power (you relinquished that power to them). Contribution via node is less clear, but could be calculated as a derivative of the total node number.
If you simply buy and hodl, sorry, you have a claim on something you don't really control in any way.
POS gets shook out real fast once stakers realize the value of their stake is falling faster than the value of the income. Stakers start progressively dumping their stakes at market. It then becomes a self sustaining whirlpool of doom
POS is an excellent way to get WTF pwned during the next bear cycle.
True, personally, i see POW as superior, albeit some were also extending ideas about POW collapse if btc prices would get too low as difficulty adjustment happens only roughly 13 days or so.
I see POS as psychologically attractive to financiers because they understand the concept of a "stake" very well.
However, all software or policies implementations of POS so far were mostly flawed.
The problem of ETH is that they think like a central bank and keep jerking the network params one way or another. The problem of EOS is centralization.
Both are no good long term, which is good for POW, but i am not sure that "perfect" (one and done, without jerking the network) POS is theoretically impossible, but maybe it is.