Analyst Claims Ethereum ‘Is Not Dying,’ Bitcoin Surge No Threat To Ether

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As a seasoned crypto investor with over a decade of experience in this wild and unpredictable digital frontier, I must admit that watching the market dynamics between Bitcoin and Ethereum is as thrilling as it gets.

This week has seen significant expansion in the worldwide cryptocurrency sector, primarily driven by Bitcoin. Currently, the entire cryptocurrency market’s total value stands at approximately $2.44 trillion, marking a 1.61% rise from the day before. The majority of these digital assets are experiencing price increases, placing them in the “green zone,” which indicates a generally optimistic market forecast.

Currently, Bitcoin’s success and recent surge towards $73,000 stands out in the bustling crypto market, while Ethereum is finding it tough to reach its goal of $4,000. This contrast between these top digital currencies adds an intriguing layer to a promising week for the broader cryptocurrency sector.

Ethereum And Bitcoin- A Contrasting Story Of Market Run

Given their positions as the leading cryptocurrencies in terms of market value, it’s only logical for experts and onlookers to give a closer examination to Ethereum and Bitcoin. Although both digital currencies have seen some growth, with Bitcoin increasing by 1.90% and ETH by 2.59%, their trajectories present contrasting narratives.

$ETH is moving according to plan but is underperforming BTC from the past few weeks.

After building up speed, it appears poised to break through the $2800 barrier and potentially embark on an exponential rise toward my goal of $4000.

It’s time for ETH to outperform BTC.

— Crypto General (@DaCryptoGeneral) October 29, 2024

Currently standing as the leading cryptocurrency, Bitcoin has spearheaded the latest market surge, crossing the significant $70,000 mark to reach a peak of $72,459.92. Last week, BTC even approached the $73,000 threshold again, and financial experts predict it will set a new record high in the near future.

Contrastingly, Ethereum’s performance has been relatively slow, failing to meet predictions. Despite participating in a small rally this week, ETH’s present value at $2,687 is significantly lower than the anticipated price of $4,000 by analysts.

ETH’s Recent Run- What Analysts Are Saying

The differing price trends and achievements for leading cryptocurrencies have caught people’s interest. For numerous experts, Bitcoin’s recent price surge underscores its position as the dominant digital currency at present. On the other hand, Ethereum’s failed attempts to reach $4,000 have been met with criticism from some traders and analysts who believe that Solana could potentially take over Ethereum’s role as a top contender in the crypto market.

ETH is not dying.#ETH / #BTC is doing what it always does.

I think ETH/BTC bottoms this quarter and goes up in 2025.

Once ETH/BTC passes the 50D SMA, the bottom is in IMO.

Still a risk ETH/USD drops one more time in Nov/Dec but hedging makes sense

— Benjamin Cowen (@intocryptoverse) October 30, 2024

Despite some skepticism, several analysts continue to advocate for Ethereum, predicting a swift recovery in the near future. Benjamin Cowen, head of ITC, voiced his opinion on Twitter that the Ethereum blockchain is far from dying. In the same tweet, he expressed his viewpoint that ETH/BTC could reach its bottom this quarter and might surge next year.


ETFs Also Show A Similar Storyline

Beyond just market prices, the market for Spot Bitcoin and Ethereum ETFs also reflects the overall robustness of Bitcoin and Ethereum’s current challenges respectively. As per recent statistics, the inflow into Bitcoin ETFs amounted to $870.1 million, while Ethereum’s spot ETFs saw a much smaller inflow of approximately $7.6 million.

Some people are focusing on Ethereum rather than just Bitcoin’s upcoming price shift. Analysts are currently examining Ethereum to determine if it could gain similar benefits from the market conditions that propel Bitcoin upward.

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2024-11-01 00:04