Ethereum, in its rivalry with the world’s leading crypto-coin, Bitcoin, is exceeding above the competition. Smart contracts, decentralized finances, and ETH/BTC and ETH/USDT pairs are all helping it grow exponentially in the global crypto market. At the same time, investors’ keen interest in Ethereum is better than ever before and they are expecting innumerable future gains.
The preceding week started off quite pleasingly for Ethereum as the digital currency reached its highest value for 2021. Resultantly, Ethereum’s year-to-date returns have gone up by 350% and it is expected that the rally won’t end any soon.
On Coinbase’s platform alone, Ethereum’s pair with Bitcoin managed to hit a 12-month high i.e. @ 0.0835 BTC.
Because of ETH/BTC pair hype, Ethereum is garnering the keen interest of investors. They are also aware of the fact that currently, Ethereum is the fastest growing digital currency network. Most importantly, the dynamic features of Ethereum, such as smart contracts and DeFi, have made Ehtereum the world’s most used digital currency network.
However, the story for Bitcoin is entirely different which is regarded as a “hedge” against upcoming inflation. Due to this, even Bitcoin investors are turning their attention towards Ethereum.
On the other hand, Ethereum is establishing its dominance in several other sectors. For instance the sectors of NFTs and DeFi as well as Metaverse, Ethereum has become the sole digital currency.
Similarly, the crypto exchanges, which are offering smart contracts, too have been witnessing an increase in the demand for “altcoins”. This increased demand, in return, boosted the value of altcoin as well as of underlying digital currency.
For the coming year also, it is anticipated that Ethereum will continue to remain efficient and robust as such. This very anticipation has made analysts believe that Ethereum’s price for 2022 would be around 6 to 10 thousand dollars.
Miller Tabak + Co.’s Matt Maley believes that the coming year will bring more gains for Ethereum. However, he suggests that for acquiring more gains, Ethereum needs to make sure its value remains on top of its November-high value. At the relevant time in November, Ethereum’s value was over the range of US$ 4,900.
He said that presently, it is Bitcoin that is feeling the pressure. He suggested further that according to his theory, Ethereum will soon emerge as crypto investors’ choice. But for this to happen, Ethereum will need to prove that it can break its past all-time high record. Simultaneously, it is a must that Bitcoin’s progress remains on the lower side.
Even as the technical analysis of Bitcoin and Ethereum, it can be ascertained that Ethereum bulls would be stronger in coming times. On the contrary, Bitcoin is lacking the bulls and in fact, relying on bearish.