Ethereum closing in on $3,000 as Bitcoin eases off the throttle - CityAM
The biggest challenger to Bitcoin’s claim to the throne of cryptocurrency – Ethereum (ETH) – set yet another all-time high today as it charged towards $3,000.
Stopping just $50 short of the hugely psychological landmark figure, Ether continues to steamroller its way towards flattening Bitcoin’s market dominance of cryptocurrency.
Bitcoin, currently levelling off after an impressive return above $57,000, appears to have temporarily lost momentum after climbing sharply away from yesterday’s low of $52,740.
Instead, it’s Ethereum’s sails which are catching the wind as digital entrepreneur Vitalik Buterin’s brainchild steers a course towards $3k.
Ethereum – along with Binance’s native BNB coin – has been one of the stand-out success stories of 2021 after almost quadrupling its value since the start of the year.
Just two months shy of toasting its sixth birthday, Ether’s trajectory over the last few months has been nothing short of remarkable.
While cryptocurrencies across the board have enjoyed their most prosperous spell throughout their history since being incepted with the launch of Bitcoin (BTC) 12 years ago, only Ethereum’s native Ether has shown enough pedigree to prove that it may, one day, match the power of the original crypto.
And this weekend is starting to showcase just how far ETH has come since the days when $300 – let alone $3,000 – were something of a fanciful dream.
Gritty impetus
The main European session of Saturday had enough trading volume to carry it beyond the $2,800 mark, and that gritty impetus seamlessly overlapped into a waking Asian market which seemed hellbent on a serious breach of $3k.
Many analysts, though, appear concerned that Ethereum may overheat – much like Bitcoin did last month when a massive surge towards $60,000 sent it spinning out of control before repeatedly dipping below the $50,000 safety net.
However, for every cautious Capulet, there is a menagerie of motivated Montagues willing Ether on. Not simply to see yet another all-time high get painted on to the side of Vitalik Buterin’s cockpit, but rather to see Bitcoin’s dominance diluted even further in what is shaping up to be an exalted alt season.
Although often the bridesmaid and never the bride, Ethereum isn’t flying solo in its attempt to take ground from the flagship BTC.
BNB – Binance’s own coin – has been quietly eating more than its fair share of the crypto cake and is currently stuffing its face with gusto at $620.
The running joke among cryptocurrency enthusiasts – Dogecoin – has also done a decent job of eating up the crumbs as its Elon Musk-fuelled Twitter party celebrates another approach on $40 a portion.
More thoughtful projects are also making serious waves across the crypto and blockchain world. Things like the Charles Hoskinson-driven Cardano and its native ADA coin are taking massive strides across Africa, and potentially solidifying an as-yet-untapped market for digital assets and the underpinning technology.
Earlier this week, Cardano announced it was teaming up with Save The Children at its ‘Africa Special’ to assist with the world-renowned charity’s humanitarian efforts in East Africa.
Although not yet ranked close to BNB or ETH, ADA has set the marker down for how much of a big player it intends to become as it builds on the African market.
READ MORE: Ethiopia overhauls its education system with IOHK blockchain partnership
Elsewhere, it’s hard to ignore the remarkable achievements of the usual suspects – Litecoin, Ripple, Bitcoin Cash et al – as they set out their stalls for the world to see beyond the dominance of Bitcoin.
That sovereignty, certainly during this cycle, is definitely slipping. How far it retreats or recovers is anyone’s guess.
Fundstrat Briefing Maintains Six-Digit Bitcoin Price Forecast, $10K Ethereum Target – Markets and Prices Bitcoin News
Fundstrat Briefing Maintains Six-Digit Bitcoin Price Forecast, $10K Ethereum Target
Fundstrat Global Advisors’ most recent “Weekly Crypto Briefing” and the company’s lead digital asset strategist, David Grider, opines a target bitcoin price of $100k per coin is still “intact.” Moreover, Fundstrat believes that the price of ethereum will reach a $10k target, while the entire crypto-economy is “on pace to hit $5 trillion.”
Fundstrat Maintains $100K Target for Bitcoin
The independent financial research firm Fundstrat has a very bullish view of the current trajectory of cryptocurrency markets in the future. Fundstrat’s digital asset strategist, David Grider explains in the company’s weekly briefing covering digital assets that bitcoin (BTC) has rebounded after a “healthy cooling-off period last week.”
Grider’s report further says that “the macro backdrop remains accommodative [and the] bull market remains intact.” The Fundstrat briefing stresses:
We believe the bull market remains intact, and we are maintaining our $100k Bitcoin price target.
One of the accommodative reasons for the bullish view Fundstrat mentions is that the Federal Reserve met this week and decided to keep its monetary easing policies intact. “The Fed’s recent guidance that it plans to remain accommodative should be supportive for risk assets like crypto,” Grider remarked.
The digital asset strategist said the company said it had predicted a rush of corporates entering the crypto space back in January and Fundstrat claims this has come to fruition for the most part. Grider noted that the company thinks this will “happen more and will be one new source for capital flows into the crypto economy.”
‘Ethereum Continues to Outperform Bitcoin’
After the report discussed bitcoin (BTC) and corporates entering the crypto industry, Fundstrat’s Grider detailed that the firm maintains a price target of $10.5k per ether, and mentioned the crypto asset “continues to outperform BTC.” Ethereum’s digital economy gives Fundstrat executives a bullish outlook and the report notes “large amounts of development happening” on the ETH network.
“These applications are generating ~3x the fees for the Ethereum network vs. Bitcoin which trades at ~3x the market cap— Ethereum and others are enabling new financial applications which have grown significantly in scale over the last year,” the Fundstrat report highlights.
Ethereum Towers Over Competitors
Fundstrat is not the only ones predicting ethereum (ETH) prices can make it to $10k per coin. The popular digital asset proponent and investor, Spencer Noon, also discussed ether blasting off to the $10k region this week. Noon tweeted about a list of “10 signs ETH is well on its way to $10k.”
“Ethereum dwarfs every blockchain in terms of fees paid, with a current run rate of nearly $7 billion— confirming massive demand for ETH block space,” Noon added. The Twitter thread continued:
Ethereum settles $30.5 billion worth of value per day, far more than Bitcoin and every other blockchain— to put this into context, Paypal settles ~$2.5 billion daily. Ethereum has 625k daily active addresses (90-day MA) — a figure that continues to climb and now sits comfortably at ATHs.
Noon’s Twitter thread continues to list the advantages ETH has had over BTC in recent times. Bitcoin.com News recently reported on how ethereum’s market valuation has been eating away at BTC dominance. In fact, in recent days, ETH dominance has jumped over the 15 percentile zone, but today is 14.6%.
At the start of 2021, BTC dominance was in the 60 percentile range and even bumped up to 70% this year. However, BTC dominance, partly due to ETH’s market cap but also a number of other crypto assets, have been nibbling away at bitcoin’s lunch.
What do you think about the financial research firm Fundstrat’s recent briefing? Do you think ethereum will get to $10k per unit? Let us know what you think about this subject in the comments section below.
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Ethereum (ETH) Hits a Fresh Record High, Bitcoin Cash (BCH) and Ripple (XRP) Rallying Hard
Ethereum (ETH/USD) and Alt-Coins Price, Analysis and Chart:
Cryptocurrency rally continues, Ethereum (ETH) leads the way.
Bitcoin Cash (BCH) surging, back in the spotlight.
Ripple (XRP) hitting double-digit gains.
Ethereum (ETH), the second-largest cryptocurrency by market cap, continues to print new highs and is up nearly 25% over the last seven days. The latest boost was likely fueled by news that the European Investment Bank (EIB) issued a EUR100 million digital bond on the Ethereum blockchain this week, adding further utility to the network and value to the coin. As this utility grows, Ethereum can break $3,000 and above, although its recent spectacular ascent may need a short period of consolidation before the next leg higher. The Ethereum rally over the last few months can be seen clearly in the one week chart, and just over one-year ago, Ethereum was trading under $100.
Ethereum (ETH/USD) Weekly Price Chart (September 2019 – April 30, 2021)
We suggested last week that the recent sell-off in the market may well lure buyers back into the space and this has been the case. Recent sell-offs in market leader Bitcoin continue to find buyers and this looks likely to continue. As always, the cryptocurrency space can, and has, made a sharp reversal in the face of positive sentiment and weekend markets bring extra volatility to the market so caution still needs to be exercised.
Bitcoin (BTC), Ethereum (ETH) Crumble, Alt-Coins Hammered – Will Buyers Step Back in Again?
Heavy sell-offs in Bitcoin are not uncommon this year and if, as looks currently likely, history repeats itself it will not be too long before the market leader is back above $60k and eyeing new highs. The 20- and 50-day simple moving averages may present a short-term barrier to the next move higher.
Bitcoin (BTC/USD) Daily Price Chart (September 2020 – April 30, 2021)
Bitcoin Cash (BCH) has had a strong week and continues to re-trace its recent heavy sell-off. Despite printing a 3-year high of $1,210 two weeks ago, BCH is still nowhere near its mid-December 2017 spike high of $4,100, suggesting that if the recent rising crypto tide is floating all boats, then BCH has further to go.
Bitcoin Cash (BCH/USD) Weekly Price Chart (September 2017 – April 30, 2021)
One of this week’s star performers is Ripple (XRP) which is up 15% today - $1.60 – and is nearly 50% higher over the last 7 days. Again Ripple has underperformed heavyweights Bitcoin and Ethereum over the last 3-years and stands at just half of its peak value in late December 2017.Ripple has a vocal, and strong, backing and may well continue to push higher still.
Ripple (XRP/USD) Weekly Price Chart (September 2017 – April 30, 2021)
Ripple chart made with TradingView
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What are your views on Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.