From a price point of view, the golden age of Ethereum is long past.
In 2017, the second largest cryptocurrency experienced a parabolic bull run that overshadowed that of most other major cryptocurrencies, including Bitcoin . There was a point in 2017 when an ETH was worth around 0.17 BTC (on Coinbase ).
Ethereum has rebounded so far and so quickly that for a few months near the peak of mania, some expected its market capitalization to exceed that of Bitcoin .
But a longtime space analyst and trader doesn't think such a force will be seen again. And here's why.
WILL ETHEREUM REACH A NEW ATH AGAINST BITCOIN? THE BEST INVESTORS DON'T THINK
Placeholder Capital partner Chris Burniske said Ethereum's expectations are set to rise sharply in the next market cycle.
On June 14, the venture capitalist and the best cryptocurrency analyst left with a Twitter thread in which he explained the arguments in favor of the rise of ETH to $ 7,500 during the next bullish cycle (probably In progress).
“If BTC goes to> $ 50,000 in the next cycle and the ETHBTC returns to its old ATH , then expect to see ETH > $ 7,500. The ETH general public will be the newborn district - expect a frenzy for this achievement, "said Burniske, showing how a rally Ethereum to 3000% in the coming years could be feasible.
But according to a longtime pseudonym cryptocurrency investor, it is unlikely to happen.
The commentator, who is part of the “Magical Crypto Friends” podcast with Charlie Lee, Samson Mow and Riccardo Spagni, explained that ETH is “extremely unlikely to make a new ATH against Bitcoin ”.
He cited two key factors:
- The initial parts supply bubble burst. This is important, because the ICO craze is what pushed Ethereum so high in 2017 and 2018.
- There are "many other smart contract platforms that are superior, have PoS, and that will not do a complete rewrite of the code break elements."
This strong claim that Ethereum is unlikely to rally strongly to Bitcoin in the long term comes soon after a fund manager said there were no viable investment cases for the ETH .
SHORT-TERM, A RALLY IS POSSIBLE
While there are these long-term risk factors, that doesn't mean Ethereum can rally against Bitcoin in the short term.
Real Vision chief executive Raoul Pal noted earlier this month that ETH erupted against Bitcoin , moving over a symmetrical triangle that has limited price action over the last year: “It even looks like Ether will outperform Bitcoin at some point (not yet in position). Remember: no tribal attack on Bitcoin against Ethereum . They are two different things and two different ecosystems. "
ETH / BTC chart of a prominent Wall Street investor and analyst, Raoul Pal (@RaoulGMI on Twitter).
