Tuesday, September 28, 2021
HomeNewsWill Ethereum rise to a new all-time high before BTC?

Will Ethereum rise to a new all-time high before BTC?




Ethereum could rise to a new all-time high before Bitcoin – and potentially even become as big as IT giant Microsoft in the long term. Two renowned analysts currently share this assessment.

Buy ETH at eToro now

Demand for Ethereum increases – supply decreases

Ethereum was also hit by the recent market downturn: the number 2 crypto currency had to post a 5% price loss in terms of market capitalization within the last 24 hours. That means: After the most recent highs of around $ 3,300, ETH is now back at just over $ 3,000.

ETHUSD 5 day chart: sharp decline from local highs. Source: Tradingview.com

But: Short-term pain aside, Ethereum could be well positioned to hit a new all-time high before Bitcoin. This is what the popular on-chain analyst Ki Young Ju assumes, for example. As a justification, the managing director of the blockchain data provider Cryptoquant.com gives the following:

  • 1. The current Ethereum price is closer to the previous all-time high than Bitcoin.
  • 2. Increased demand, lower supply. According to Ki Young Ju, the liquidity crisis on the Ethereum sell side continues to worsen while BTC exchange reserves ended their downtrend in May. The Ethereum stocks on the Exchanges have therefore fallen to a new two-year low.

Jus conclusion: Technically, Ethereum could see some corrections – but only for a short time.

“I think ETH could outperform BTC if Bitcoin price goes sideways or bullish.”

Will Ethereum be as big as Microsoft?

In the medium term, Guy, the pseudonymous moderator of the YouTube channel “Coin Bureau”, is also extremely bullish on Ethereum. In a new analysis, he even dares the thesis whether Ethereum will one day be as big as software giant Microsoft. Ethereum would have done that at a price of 17,000 dollars, because then the coin would have a market capitalization on the order of Microsoft. According to Guy’s assessment, ETH has the potential to do this.

The reasons: Among other things, the EIP-1559 upgrade, which constantly burns ETH, the upcoming switch to ETH 2.0 and the endorsement by large institutions such as JP Morgan Chase.

It’s hard, Guy said, to look at all of these fundamental factors and not be incredibly optimistic about the future of Ethereum. With the change to ETH 2.0, ETH will become “ultra-solid money that is getting less and less year after year, day after day, block by block”.

And:

“Of course, it’s not just us trying to get hold of this ultra-solid money. The institutions are also scrambling for ETH because they want to accumulate more and more of it. I do not think that this topic will weaken in the near future. “

The market momentum, so the bullish analyst, is on our side – “and the ETH bulls are not running out of breath”.

Buy ETH at eToro now

Top broker for buying and trading cryptocurrencies

  • Buy real Bitcoin or Bitcoin CFDs
  • Wallet and exchange in one
  • 14+ cryptos
  • Excellent trading tools
  • Large knowledge and training database
  • Very good spreads

4.7/ 5

76.8% d. CFD accounts lose money.

Cryptocurrencies are a very volatile, unregulated investment product. Your capital is at risk.


Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending News

Recent Comments