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In the crypto world, is ETH finally making a comeback to take the number one spot as it rises above 4900?

As BTC hovers around the $110,000 ceiling, ETH suddenly breaks through $4,900 temporarily, reminiscent of a scene in a movie where the secondary character suddenly powers up: is it to usurp the throne or to deal the final blow?

Don't rush to conspiracy theories. There are several key logics behind ETH's breakthrough this time:
1. The status of DeFi as the king of chains is irreplaceable: stablecoins, DEX, derivatives, most still revolve around ETH.
2. L2 Explosion: Arbitrum, Optimism, Base, ZK series, expanding the ETH ecosystem larger and larger.
3. Asset Narrative: BTC is "digital gold," while ETH increasingly resembles a combination of "digital government bonds" and "technology stock ETFs."

Therefore, the significance of 4900 is not just a new high in price, but a redefinition of identity: ETH needs to grow from being the "second" to a financial asset parallel to BTC.

Of course, ETH also has the possibility of "dropping the chain": gas fees skyrocketing, expansion not meeting expectations, and competing chains eyeing it closely. But given the current landscape, ETH has at least sent a signal to the market: don't just focus on BTC, the second brother might become the big brother.

Conclusion: The $4900 ETH is more like a declaration of a power game. Whether it can be crowned on the throne still depends on whether the market will provide it with a continued FOMO red carpet.