Ethereum Is Insanely Bullish And Is Expected to Outperform Top Crypto, BTC
Ether is enjoying the greens just like the rest of the market following Bitcoin’s strong movement above $10,000. Currently, ETH is trading above $250, up 6.79%.
However, ETH has been in an uptrend before Bitcoin even started surging. In comparison to BTC’s nearly 40% gain in 2020 so far, Ether has recorded 93% gains.
The market is extremely bullish on the second-largest cryptocurrency by market cap even more so than bitcoin.
“ETH 10K target by end 2023,” said trader Crypto Wolf adding “ETH will outperform BTC in the next run.”
That wouldn’t be surprising because Ethereum outperformed Bitcoin in 2017 with 9,162% gains versus BTC’s 1,300% uptrend. XRP was actually the top crypto asset of that year with 36,000% gains.
Global Macro Investor Raoul Pal shared similar sentiments as he said, “Looks like Ether will outperform Bitcoin at some point.”
He further clarified that there is no contention between bitcoin and ethereum because “they are two different things and two different ecosystems.”
Meanwhile, ETH longs on Bitfinex continues to rise to new highs currently at $435 million, up 42% from May 13.
Another positive development is unique addresses that have surpassed 100 million. On June 1st 2020, these addresses stood at 99,455,213 with a daily increase of around 100k addresses, as per Etherscan.
Ethereum chart “remains insanely bullish” with the price having made a bull flag and flipping key resistance to support, stated trader Scott Melker. Moreover, with Grayscale Investments having already bought 50% of ETH mined this year, it increases the crypto’s potential for further gains.
— Josh Olszewicz (@CarpeNoctom) June 2, 2020
Andreessen Horowitz is also bullish on Ethereum in which they have invested as shared by Katie Haun, a general partner at Andreessen Horowitz who said, “we are still very big believers in Ethereum.”
The market is trading higher as market participants scale up their bullish expectations leading into June and July, the expected launch for Ethereum’s Proof of Stake (PoS) transition.
The Topz testnet is already gaining a lot of attention with more than 38k validators with Prysmatic Labs now controlling only 37% of the network.
The developing efforts are also focused on the launch of Phase 0, shared Ethereum developer Danny Ryan. But Phase 1 is also undergoing swift progress and is expected to be quick to launch once Phase 0 gets introduced to the market.
Eth 2.0 might still be a way off but already some developers are floating the idea of ETH 2.0, which involves replacing some components of Ethereum with zk-Snarks.