Ethereum Poised to Surpass Bitcoin in Next Bull Run, Predicts Top Analyst
In the fast-paced world of cryptocurrency, predictions and analyses from seasoned analysts play a crucial role in shaping market sentiments. Recently, a prominent crypto commentator, known as @hedge__x on the X platform (formerly Twitter), has sparked a wave of discussion by expressing confidence in Ethereum (ETH) outshining Bitcoin (BTC) in the upcoming bull run.
On January 19, @hedge__x shared a tweet expressing his belief that while Bitcoin may reach a new all-time high in the current cycle, exceeding $100,000 per BTC, it could still be deemed disappointing for many Bitcoin enthusiasts. The analyst pointed out, “Corn is going higher this cycle but many will be disappointed at $100k peak.” According to @hedge__x, Ethereum presents a more attractive investment opportunity, citing its substantial upside potential and the presence of multiple future catalysts, notably the possibility of an ETF (Exchange-Traded Fund).
Corn is going higher this cycle but many will be disappointed at $100k peak.
ETH has much more upside potential w many more future catalyst including ETF.
Max pain for BTC.D. Max gain for Total2.
— Hedgex.eth (@hedge__x) January 19, 2024
“ETH has much more upside potential w many more future catalysts including ETF. Max pain for BTC.D. Max gain for Total2,” @hedge__x emphasized. The reference to Total2 indicates an indicator of cumulative cryptocurrency market capitalization excluding Bitcoin (BTC). The analyst believes that Bitcoin Dominance (BTC.D) is poised to go through a phase of “maximum pain.”
As of January 2024, the Bitcoin Dominance (BTC.D) indicator has been losing momentum. After reaching a local high of over 55% on January 9, it experienced a rapid decline of 7.5%, or 4.6 points, in less than 10 days. This decline suggests a shifting landscape within the cryptocurrency market, with Ethereum potentially gaining ground.
One of the key factors contributing to Ethereum’s positive outlook is the anticipation of an Ethereum ETF. The analyst views the ETF approval as a potential game-changer for Ethereum’s market performance. Additionally, Ethereum is approaching the activation of EIP-4844 or Proto-Danksharding upgrade, which is expected to enhance the efficiency of Layer 2 solutions.
The Ethereum community and industry experts are eagerly awaiting the ETF decision, considering it one of the most anticipated events in the cryptocurrency space for 2024. While optimism is moderate, the potential approval could serve as a significant catalyst for the next ETH rally.
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