A notable cryptocurrency trader recently stirred excitement among enthusiasts by projecting a potential rise in Ethereum’s value relative to Bitcoin. After two years of a bearish outlook on the ETH/BTC trading pair, he now announces a more optimistic perspective.
What Does Technical Analysis Indicate?
Known as Credible Crypto, the trader shared with his 459,100 followers that technical indicators suggest Ethereum could soon experience a substantial price surge. He believes Ethereum might achieve a remarkable all-time high, forecasting a staggering increase of at least 378% from its current valuation.
Where Do Ethereum and Bitcoin Stand Now?
Presently, Ethereum is trading at 0.03164 BTC, marking a significant 79% decline from its peak of about 0.1515 BTC in June 2017. Bitcoin retains a market capitalization of approximately $2.03 trillion, while Ethereum’s market cap hovers around $390 billion.
Analysts are also speculating that Ethereum’s market cap could potentially exceed that of Bitcoin. In 2017, Ethereum’s value was $37 billion, closely shadowing Bitcoin’s $43 billion, hinting at the possibility of Ethereum catching up.
– Ethereum’s technical indicators suggest a likelihood of surpassing Bitcoin by the end of the market cycle.
– If this projection holds, Ethereum could see a market capitalization that equals or exceeds Bitcoin’s.
The ongoing performance of Ethereum in relation to Bitcoin remains a focal point for market strategies. Traders are closely observing these analyses for their implications on market fluctuations, aiming to make informed decisions in the ever-evolving landscape of cryptocurrency.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/can-ethereum-overtake-bitcoin-this-cycle