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ETH’s 2021 ascendance happened because ETH was being priced as the second money to emerge out of crypto.
Downstream of the trillions of new post-covid dollars, people realized that money was a myth, and the market was looking for new mythologies to believe in. Bitcoin was obviously one, but in 2021 people realized that a fixed cap wasn't the only way to produce money out of blockchain technology.
In 2021, people identified a positive feedback loop in the Ethereum system, and the output of that loop all pointed towards value capture in ETH the asset.
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