Despite a recent consolidation of BTC price on June 9th, most experts are still skeptical about the coin’s performance in regards to ETH. Charts show that the recent consolidation in the price for BTC is very unique as many coins couldn’t follow suit, ETH included.
Due to this rather unusual anomaly in the market, most experts now believe that this BTC consolidation is nothing less than a bull trap. The sentiment remains pessimistic for BTC as the coin keeps running out of juice left right and center. Many believe that the prediction of $100,000-$150,000 was just extremely optimistic traders blabbering from a quick gain frenzy. But when the same predictions are forecasted for ETH, not many dare to challenge them.
With Ethereum 2.0 on the horizon, a coin finally has the justification it needs for a bullish prognosis. Many believe that ETH is in hibernation right now and is detaching from BTC volatility, and it can be very clearly seen relative to the recent BTC surge.
According to cryptonews.com, the number of wallets whose balance ranged between 10 and 10,000 ETH has started to trend much lower. This indicates that whales are trying to exit the market, while smaller players are entering. This may indicate a very small bearish momentum for ETH in the short term, but the greater diversification and spread of the supply ensure much more stable growth in the long term.
Such a “shift in power” if we could call it that, has not gone unnoticed by the trading community. A very large portion of accounts registered on top exchanges like Binance, OKEx, and Crypto.com have at least some amount of ETH on them, while BTC is slowly seeing a decrease in hodlers.
This is no surprise as well due to the growth perspective of both coins. The maximum that BTC can do at this point is 3x in price over the course of the next 6-7 months, while ETH has the potential to 10x or even 20x. So why would hodlers pour in massive amounts of capital in a less profitable coin when they have a more potential-rich and stable coin right next to it?
Many blockchain experts have even referred to ETH as the BTC Nakamoto wanted and the BTC we deserve.With current plans on Ethereum 2.0 re-defining what DeFi really stands for, ETH is probably the only coin in the market with an actual chance to become a household asset.
The most notable shift with these coins was the volume at which they were being traded. An increase in BTC and a decrease in ETH were sighted and for good reason too. The most likely explanation is that traders are taking advantage of the massive volatility for BTC while holding a firm for a breakthrough for ETH.
This trend was sighted on crypto trading bots as well. For example, the automated trading bot Bitsgap saw a significant increase in BTC orders and in some cases a full re-focus on the coin on many of its accounts. While ETH orders are holding firm at stop-losses as low as $2,000 and take-profits as high as $4,000 by the end of this summer.
Even software designed for scalping or day trading is re-designing itself for ETH’s anticipated rebound. Traders are simply not going to allow ETH to catch them off-guard.
A quick look at Coinmarketcap’s list of coins shows that the growth trend is slowly starting to diverge from BTC. Extremely popular coins that were once basically pegged to BTC are starting their own off-shoot trends.
This can be seen with not only ETH, but BNB, DOGE, VET, BCH, and even LTC. It is not long now that we may see a coup from Ethereum as the leading coin on the charts, at least that’s what most traders are hoping for.
The reason is quite clear as well. ETH is more secure, much faster and it’s much easier to brand. It has an actual face and name attached to it, thus making changes more predictable and reliable, while BTC is something like a crumbling republic after a revolution. It has seen its glory days before, but greed and poor management are slowly pummeling it into the ground. Another hurrah from BTC is likely in 2021, but nobody knows if it’s going to be the last one.
With China’s hammer getting pretty close to its mining rigs and another halving coming in pretty soon, it slowly starts to seem that BTC’s days as the top-dog of the crypto world are numbered.