Analyst Claims Ethereum ‘Is Not Dying,’ Bitcoin Surge No Threat To Ether
31 Ottobre 2024 - 10:00PM
NEWSBTC
This week has witnessed remarkable growth in the global
cryptocurrency market, spearheaded by Bitcoin. Today, the total
market capitalization of the cryptocurrency market stands at $2.44
trillion, an increase of 1.61% from the previous day. Most of the
digital assets are in the green zone meaning that their prices are
rising and the outlook of the market is generally positive. Related
Reading: Cardano To Soar 22X? Analyst Sees Opportunity Despite
On-Chain Decline In this latest market frenzy, one storyline is
attracting attention and some analysis: while Bitcoin is
outperforming the rest and retesting $73,000, Ethereum is
struggling to hit its target of $4,000. The diverging performances
between the two top digital assets now serve as an interesting
sub-plot to an exciting week ahead for the general cryptocurrency
industry. Ethereum And Bitcoin- A Contrasting Story Of Market Run
As the top two cryptocurrencies by market cap, it’s natural for
analysts and observers to take a second look at Ethereum and
Bitcoin. While both digital assets have notched some gains, with
Bitcoin rising by 1.90% and ETH by 2.59%, they still paint
contradicting storylines. $ETH is moving according to plan but is
underperforming BTC from the past few weeks. With the momentum
gained, it is looking ready to head past the $2800 resistance zone
and start a parabolic move towards my target of $4000. It’s time
for ETH to outperform BTC. pic.twitter.com/4mK8DVMd2c — Crypto
General 🦄 (@DaCryptoGeneral) October 29, 2024 As the top crypto,
Bitcoin has led the recent market rally, surpassing the
psychological $70,000 level and hitting $72,459.92. Last Tuesday,
BTC tested the $73k level again, and analysts expect it will record
another all-time high soon. In contrast, Ethereum’s run has been
sluggish, falling short of expectations. While ETH joined other
coins in a mini-rally this week, its current price of $2,687 is
still far from the analysts’ target of $4,000. ETH’s Recent Run-
What Analysts Are Saying The contrasting price runs and milestones
for both top cryptos have attracted some attention. For most
analysts, Bitcoin’s recent price performance validates its standing
as the current top digital asset. Ethereum’s struggles to hit the
elusive $4k have been criticized by some traders and analysts, with
many stating that Solana is now “the next Ethereum.” ETH is not
dying.#ETH / #BTC is doing what it always does. I think ETH/BTC
bottoms this quarter and goes up in 2025. Once ETH/BTC passes the
50D SMA, the bottom is in IMO. Still a risk ETH/USD drops one more
time in Nov/Dec but hedging makes sense pic.twitter.com/xAbg8Szi3N
— Benjamin Cowen (@intocryptoverse) October 30, 2024 However, a few
analysts still defend Ethereum and expect the blockchain to rebound
soon. Benjamin Cowen, the founder and CEO of ITC, took to Twitter/X
to say that the Ethereum blockchain “is not dying.” In the same
post, he shared that he expects ETH/BTC to bottom this quarter and
will make a run next year. Related Reading: Tether’s $1 Billion
USDT Mint On Tron: What’s Fueling The Demand Surge? ETFs Also Show
A Similar Storyline In addition to market prices, the spot ETFs
market reflects Bitcoin’s overall strength and Ethereum’s recent
struggles. According to recent data, Bitcoin ETFs attracted $870.1
million, compared to Ethereum’s spot ETFs’ $7.6 million. While many
are excited about Bitcoin’s next price move, some are paying
attention to ETH. Ethereum is now on the analysts’ radar, and they
are checking whether ETH can benefit from the same market factors
pushing Bitcoin higher. Featured image from Pexels, chart from
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