Ethereum may soon experience a new ATH
The Ethereum native token broke the resistance of $4,000 last week and is currently trading above $4200 (26th October) on ETH USD. The bitcoin BTCUSD hit an All-Time High last week on 20th October 2021 after the first Bitcoin future EFT started trading on Nasdaq New York Stock Exchange, this happened nearly after three months of the so-called Bitcoin correction phase.
While the alpha of the altcoin price forecast is difficult to predict, experts say that ETH may witness a new All-Time-High in the coming month.
With the high growth potential, will ethereum overtake bitcoin in this bull run?
Well, it is hard to imagine that ethereum will overtake the king of cryptocurrency, though we never know what will happen. ETH is indeed giving more ROI than BTC since the start of this bull run. However, ethereum has multiple things to do before it can overtake bitcoin.
Ethereum and bitcoin have different narratives
The bitcoin narrative is that it is the new digital gold. It aims to do just one thing and do that very well — be the store of value and a global network of wealth.
On the other hand, ethereum’s narrative is that it is the “global computer” that is built on a decentralized blockchain, enabling developers to publish and execute any program powered by smart contracts thereby providing “security as a service”.
Ethereum fundamentals are strong while bitcoin has a stronger hedging
Since the launch of the ethereum blockchain in 2015, most of the Defi or decentralized applications are built on top of the ethereum blockchain. Today ethereum is facilitating not only Defi but NFTs or Non-Fungible Tokens. Bitcoin has always been about scarcity and if there is one thing humans have invented that cannot be changed even in the future, it is bitcoin. Even though ethereum offers composability features, bitcoin’s limited coin supply attracts investors.
If BTC is to reach $100k before the year-end, ETH may hit a market cap of 1 Trillion
At the time of writing this, BTC is $62,825.37 with a market capitalization of more than $1.1 Trillion. Thus for BTC to reach the $100k mark, its market cap needs to reach 1,880,494,300,000 or 1.8 Trillion which is nearly 800 Billion to add from the current value. ETH is currently trading at $4,211.33. For ETH to reach a market cap of 1 Trillion which many are expecting before this year-end, ethereum native token ETH needs to cross above $8500. While ethereum has a strong fundamental, it also has a high gas-burning fee and with the transition from Proof-of-Work to Proof-of-stake, reaching $8,500 which is over 125 per cent, growth from the currency value seems to be achievable. The coming months looks like to be bullish for many as investors are expecting new ATH in the coming weeks. After some political instability around the middle east and the fear that the stock market may crash fading aways. The crypto market looks promising.
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Disclaimer:
Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).
