Ethereum is the second in line after Bitcoin. It has been making bullish moves not caring what others are doing. It has made an all-time high of $2,385 on Tuesday and it has not been lazy to break it. Ethereum was trading at $2,474 on Saturday on Binance. On the other hand Bitcoin made an all-time high of $64,769 on Tuesday and selling at $62,139 on Saturday 17th April.
Bitcoin had a correction and went back to $54,644 as of Thursday while Ethereum still enjoys an uptrend selling at $2,489. Does this mean there will be no uptrend for Bitcoin? Definitely not.
The news that Coinbase was listing its shares on NASDAQ brought a boost on both currencies. Later one went high and the other went low. Bitcoin has been on the top and it normally moves whenever financial news come. When Turkey announced banning crypto payment, Bitcoin’s price went down by 1.49%. This is a reflection of billionaire investor Ray Dalio’s fear of governments outlawing Bitcoin to preserve monopoly.
Bitcoin is the on top but it carries the burden of altcoins. Whenever negative crypto news come out, it will be the first to be affected. Positive news change most of the coins, some by higher percentages than Bitcoin.
Veteran trader Scott Melker, sees Ethereum hit $10,000 in 2021. He says that in later years, Ethereum will outshine Bitcoin.
Bitcoin’s price is more than 3000% higher than that of Ethereum. So how long will it for Ethereum to reach $60,000 and above? And when the price of Ethereum is going up, the price of Bitcoin should either be stagnant or going down.
How Realistic is this
A number of major institutions have adopted Bitcoin as a method of payment. This includes, Tesla. Caruso Investments the real estate company where Tesla rents its premises from, has also adopted Bitcoin.
Ethereum as a blockchain holds more than 5 coins. Its growth is possible if the different coins can spike. But if Eth is the highest amongst the available coins on the blockchain, then chances of Ethereum outdoing are a long time shot.
What may happen
As Ethereum launces new coins, one coin on its blockchain may do very well bringing enough power to outdo Bitcoin. Coins take time before they mature and gain enough trust for them to be worth something. This is still a 20/80 projection.
Bitcoin will be outlawed by governments with an aim of maintaining monopoly. This will paralyse Bitcoin and render it into almost nothing or the few places it will still be allowed will not be worth much.
What do experts say
Bloomberg has a $400,000 price for Bitcoin. They considered the current market value, they still looked at how the trades and who is adopting it, the laws governing Bitcoin and how decentralised it is compared to Ethereum. Bitcoin stands in a better position to do better compared to Ethereum.
The prediction that Ethereum will be worth $10,000 by the end of 2021 means Bitcoin is by far ahead in the game. If these predictions happen as said, by no chance will Ethereum be ahead.
With all said, these cryptocurrencies are not in a competition. Every investor is ready to put money where they feel they will get value and right returns. The rallies and corrections are happening but that is how the crypto game works. Maybe “Laser eyes” is what is needed now.