Top Analyst Tyler Swope Unveils That He Sold Bitcoin To Buy More Ethereum
Top analyst Tyler Swope from Chico Crypto explains with his subscribers why he sold Bitcoin (BTC) to buy more Ethereum (ETH) and discusses his prediction for the potential price of Ethereum.
“Ethereum is going to surge post EIP 1559 & threaten to “FLIP” BTC by market cap!! They call it “THE FlIPPENING” and it’s come close to happening before.”
Although BTC price dipped 7% from above $42,000 bucks back into the “crabby range” of 39k, over the same period of time, Ethereum has been pumping from under $2,450 to $2650 at the time of the video.
“This breakaway with ETH while Bitcoin is falling is also making its bitcoin ratio number grow higher and higher, crossing 0.066 for the 1st time in months. An upwards trend is obviously forming,” the trader excitedly says.
Swope then points out 3 areas where Ethereum has already flipped Bitcoin. The first one is in terms of the blockchain settlement.
According to the trader Ethereum is settling over 3x the value of Bitcoin, basically 22 billion for Ethereum versus Bitcoin’s 6.7 billion.
“If we look back, it has been like this throughout the entire year too, Ethereum’s economic activity has been higher than BTC, with it getting its widest in May! Obviously, Ethereum is facilitating much more economic activity on its chain with all the NFTs, DeFi, and so on!”
The second metric is the number of daily transactions. The trader shows the currently, Ether is having over 1.25 million transactions going through it on average daily. Bitcoin has just about 238,000, meaning that Ethereum is just outputting 425 percent more transactions daily than Bitcoin.
And the last one is the amount of transaction fees. The trader also predicts that Ethereum is going flip Bitcoin in the number of active addresses soon.
“Ethereum addresses are used over and over again, while bitcoin addresses are usually used a lot less, like one and done… thus this category is a much tougher flip! But back in late June, Ethereum actually flipped it for the very first time, having more active addresses than BTC. It was short-lived, but it did happen & this is just proof of a trend.”