Ether Hits $2,600, Aiming for 0.05 BTC, in Anticipation of Monster Buy Pressure
With Ether growing at double the pace as Bitcoin YoY and ETH outperforming BTC since inception, an investor is tempted to sell all his bitcoin to become a full ETH degen.
Ether has hit a new all-time high today, nearly $2,600 on Coinbase, after touching $2,000 just the past weekend during the sell-off.
“To be brutally honest, I stare at the chart of ETH/BTC, and I see an enormous rounded bottom with potentially huge breakout just above…,” noted Raul Pal, founder, and CEO of Real Vision Group.
With Ether space growing at 100% YoY, double at Bitcoin’s speed while attracting a massive developer talent and applications, Pal expects big things from ETH price, which, as we have been reporting, has moon targets for as much as $10k-$20k by some.
Not to mention, Ether has always outperformed Bitcoin. Compared to Bitcoin’s 86% YTD uptrend, Ether is recording 250% gains. In 2017 as well, Ether surged over 9,000% versus Bitcoin’s $1,300%. BTC -4.14% Bitcoin / USD BTCUSD $ 51,202.39
-$2,119.78-4.14% Volume 74.34 b Change -$2,119.78 Open $51,202.39 Circulating 18.69 m Market Cap 956.91 b 6 h Century-old Baillie Gifford Makes Single Largest $100 Million Investment in Blockchain.com 7 h Congress Passes Bill That Would Provide Regulatory Clarity On Cryptocurrencies 8 h Tesla’s Elon Musk Is In Support of Bitcoin Incentivizing Renewable Energy
“When you price anything up in DeFi, NFT, community tokens, or even metaverse worlds, everything is basically priced in ETH, including designers time, etc. ETH is rapidly becoming the currency of the digital world, and BTC is the pristine collateral and base layer,” said Pal.
As we reported, the network fundamentals have never been strong, all at their all-time highs.
Daily transactions are at their ATH of over $1.5 million and bringing record fees with more than $10 million a day a daily norm for the three months now.
In fact, Ethereum settled $1.5 trillion in transactions in Q1 of 2020, which is more than $936 billion settled by PayPal in payments in the entire last year.
In anticipation of high prices, Ether holders are removing their coins from the exchanges, which have ETH exchange reserves continuously on a decline, while accumulating more ETH with over one year holding period addresses increasing by 10 million in the past year.
“Net annual buy pressure” doesn’t make the point.
— Squish (@SquishChaos) April 17, 2021
Combined with ETH 2.0, the transition to Proof-of-Stake (PoS) will make the network cheaper and faster, bringing masses to the Ethereum blockchain.
“Post-merge, ETH sell pressure will drop 90%. For BTC sell pressure to reduce this much, it takes 3 halving events. I’ll repeat: ETH will undergo the equivalent of 3 halving events in the next 12 months,” noted one enthusiast based on the data shared by Justin Drake, Eth 2.0 researcher at Ethereum Foundation.